All of the 10 biggest cryptocurrencies by market capitalisation are plunging on Tuesday morning, with most suffering double-digit percentage losses, Bloomberg reported.
Bitcoin (TIKER: BTC.EXANTE) fell as much as 14% in early trade, breaking through both $13,000 and $12,000 levels.
Bitcoin is now down more than 30% from the record high in mid-December.
The European Securities and Markets Authority (ESMA) has warned investors to “be prepared to lose all their money” in Bitcoin.
“It has an extremely volatile value, which undermines its use as a currency. And it’s also not broadly accepted,” ESMA Chairman Steven Maijoor said in a Bloomberg TV interview in Hong Kong.
The slide comes as China and South Korea are escalating clampdown on cryptocurrency trading.