Just last week, billionaire investor Warren Buffett warned with "almost certainty" that cryptocurrencies "will come to a bad ending".
In the past few weeks, bitcoin has been steadily declining due to fear of regulation by governments.
China, which first began targeting the industry a year ago, is escalating its clampdown on cryptocurrency trading, particularly online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.
Investing in virtual money like Bitcoin can be quite hazardous to one's savings and health, especially if you have no idea what you're doing. Russian president Vladamir Putin was also vocal about potential regulation of cryptocurrency, saying, "In broad terms, legislative regulation will be definitely required in the future".
"The Bitcoin bubble appears to have a rather large puncture", said Paul Donovon, the global chief economist at UBS. Well, some say not so much. Exactly one month later, bitcoin has lost over half its value.
The country has seen a huge bitcoin craze, with young and old betting on the crypto currency to build wealth.
This sharp drop in value caused widespread panic among investors, with many labelling the price movement "Bitcoin's crash".
From this issue, many people are afraid and they started selling the coins which lead to falling on the market.
"There are no disagreements over regulating speculation", such as using real-name accounts and levying taxes on crypto currency trading, Kim said.