Bitcoin and Ethereum tumble after renewed fears of regulatory crackdown

Bitcoin hits a four-week low before rebounding on Tuesday as South Korean statements send cryptocurrency markets yo-yoing

The price of bitcoin was sent plummeting 18% as it and other cryptocurrencies yo-yo in value over fears of a wider trading crackdown spurred by renewed potential of South Korean regulatory action.

Bitcoin's slide of over over $2,200 triggered a massive selloff across the broader cryptocurrency market, with biggest rival Ethereum down 23% on the day, according to trade website Coinmarketcap, and the next biggest, Ripple, plunging 33%.