Cryptobase Bitcoin, ethereum and ripple lose £190BILLION overnight
Cryptocurrency markets plunge 30% over new crackdown fears
The drop comes amid reports that China and South Korea are preparing to escalate recent measures to discourage use of cryptocurrencies
Previously booming Bitcoin is now heading back towards its £7.26bn milestone first reached last November.
Cryptocurrencies have been in freefall over night
But smaller currencies including ripple, ethereum and bitcoin cash were worst hit.
The losses come amid fresh fears of a crackdown on cryptocurrencies by South Korea
Ripple was down nearly 50 percent on the previous day, ethereum had lost nearly 34 percent of its value, bitcoin cash was down nearly 37 per cent and bitcoin was down 27 percent to just under £7.4bn.
Meanwhile the market capitalisation of more than 1,300 cryptocurrencies has dropped by about 30 per cent over the past 24 hours.