The bitcoin plunge is crushing crypto-craze shares

Just today, the value of many currencies fell more than 10 percent, and the value of these investments overall are down nearly 40 percent over just the last month.

"Focus has shifted to negative regulation with headlines out of South Korea, China, and even minor headlines from France and the U.S.", Ari Paul, chief investment officer at cryptocurrency investment firm BlockTower Capital, said in an email.

Bitcoin at one point lost 30 percent of its value since Tuesday, and was half its record peak of nearly US$20,000 set on the Luxembourg-based Bitstamp exchange a month ago. "People are selling to try and get the hell out of there", said Charles Hayter, founder of Cryptocompare, which owns cryptocurrencies.

"Cryptocurrencies and especially Bitcoin still have a lot to offer in 2018".

Every one of the top 20 digital currencies suffered double-digit losses on Tuesday.

"It's mainly been regulatory issues which are haunting (bitcoin), with news around South Korea's further crackdown on trading the driver today", said Think Markets chief strategist Naeem Aslam, who holds what he described as "substantial" amounts of bitcoin, Ethereum and Ripple.

There have been nine instances including the current selloff going back to 2011 where bitcoin's price was halved on the Bitstamp exchange.

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The last time bitcoin fell below the $10,000 mark was November 30.

On Wednesday, bitcoin fell as low as US$9,222 on Bitstamp, its lowest price since December 1, as CBOE and CME bitcoin futures tumbled to contract lows.

While many observers say the recent falls show that the bubble has burst, those backing the nascent markets say that regulation is welcomed and wild price swings to be expected.

Before asserting that Bitcoin has crashed, however, it is important to take note of the cryptocurrency market as a whole and Bitcoin's relative performance.

South Korean regulators are said to be considering a ban on cryptocurrency exchanges, while China is reportedly considering shuttering apps with exchange-like services after banning exchanges outright in 2017.

BCC has lost almost 20% of its value in just 24 hours, plunging as low as $1,408 per coin, giving the cryptocurrency a market cap of $24.195 billion, according to OnChainFX. It was still down 1 percent in the last 24 hours.

On 18 January 2017, Bitcoin was trading at $901.

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