The world's most valuable and popular cryptocurrency Bitcoin saw its value decrease 18.5 percent on Tuesday with worries over potential regulations in major Asian economies.
After closing Monday at $13,590, the value of Bitcoin dived below the $12,000 mark on Tuesday and fell to as low as $11,069.
While this marked the lowest level for the cryptocurrency since Dec. 22, Bitcoin also lost all of its gains in the past three and a half weeks.
South Korea Finance Minister Kim Dong-yeon announced earlier on Tuesday that it is 'possible' his country would ban the trading of virtual currencies as his government is preparing a bill to do so.
Chinese officials also stated earlier that they could shutdown access to platforms that deal with the trade of cryptocurrencies.
In addition to Bitcoin, other cryptocurrencies also posted losses after the reports.
Ethereum lost 24 percent to reach as low as $966 on Tuesday, while Ripple declined 32 percent to $1.12.
By Ovunc Kutlu in New York
Anadolu Agency
ovunc.kutlu@aa.com.tr