In a red letter day for cryptocurrency market, several major currencies including Bitcoin, Ripple, and Litecoin took a dive following South Korea's financial regulator said it and other agencies are inspecting six local banks that offer digital currency accounts to institutions.
Along with this, the fear that China may restrict the electricity supply to cryptocurrency miners had a negative effect on the cryptostreet.
Bitcoin fell about 4 percent in last 24-hour trade and Ripple plunged over eight percent. The largest drop was in three-month-old Tron which slipped about 11 percent in last 24-hour trade, according to data source OnChainFX.