Cryptocurrency markets plunged on Wednesday after Chinese regulators signaled a crackdown on the use of digital currencies.
The news from China has sent Bitcoin, the biggest cryptocurrency, further down at $38, 193 losing 11 percent today. It is down more than 30 percent in a week.
Bitcoin had already been under pressure from a series of tweets from Elon Musk, Tesla chief executive officer.
Musk had announced that Tesla will no longer accept Bitcoin as a form of transaction.
Ether, the coin linked to the ethereum blockchain network, also dropped to $1,850, its weakest level since late Janury.
It was last down 26 percent at $2,497, since hitting a record high on May 12, ether has plummeted 57percent.
The recent sell off has sent market capitalisation of all cryptocurrencies to $1.7 trillion, down from the $2.5 trillion record hit earlier this month.
By Fikayo Owoeye/TheCable
