More than $200 billion wiped off the value of crypto currency

Over $200 billion has been wiped off the value of global crypto currency at the peak of the recent sell-off, which extended into Wednesday.

At around 7 a.m London time on Tuesday, the total market capitalization or value of every digital coin stood at $653.8 billion, according to data from Coinmarketcap.com, a website that tracks the price of crypto currencies by taking into account the prices across different exchanges.

This was happen when the sell-off began to take hold. As price of major cryptocurrencies including bitcoin, ethereum and ripple fell sharply, that the market cap declined by Tuesday evening to a low of $450.5 billion. Market cap, and the price of some coins recovered slightly from that low, but are still significantly lower.

The sell-off appeared to be sparked by worries over tighter regulation in the key markets of South Korea and China.

Last week, South Korea's justice minister said that his ministry was preparing a bill that could ban trading via some cryptocurrency exchanges. Other ministers within the government later softened their stance.