Tighter regulations on cryptocurrencies cause sell-offs
By Dong Feng
People's Daily app


Currency symbol background (VCG photo)

The value of almost all cryptocurrencies has plummeted by 20-40 percent in the past two days after many countries tightened regulations on them, caixin.com reported on Wednesday.

The average price of Bitcoin in major exchanges around the world is about $11,000, according to Coinmarketcap, the news report said.

The price of Bitcoin fell below $10,000 for the first time Wednesday morning, dropping by more than 20 percent. As of press time, it has recovered slightly, the report noted.

Though Bitcoin has been in the spotlight as a possible investment, its high risks are also clear. A month ago, the price of Bitcoin reached $20,000 before the market seesawed. Its current value has fallen by 45 percent since mid-December 2017, or a drop of over $150 billion, the report said.