The price of cryptocurrencies continued to plunge Tuesday as ongoing fears of a ban in South Korea along with a new crackdown on trading in China drove a nearly unprecedented bear market.

At the top of the list, bitcoin saw a large selloff as its price dropped below $10,000 briefly, according to CNBC, its lowest price since November. It recovered slightly to $10,705 as of 10:25 p.m. EST. Bitcoin peaked at about $19,000 in December before vacillating in a range of $13,000 to $16,000 for the first two weeks of this month.

Other leading cryptocurrencies saw similar drops, with Ethereum falling to as low as $854 before recovering to $958 as of 10:25 p.m. Ethereum peaked far later than bitcoin, having hit a record high of $1,348.64 on Jan. 14. As a result, Ethereum continues to trade well up from December, when it opened the month at $433.99 and closed at $726.10.

Onetime bitcoin competitor wannabe Ripple’s XRP was also severely hammered in the selloff, falling to $1.04 as of 10:30 p.m. after having peaked at $3.82 on Jan. 4, a 73 percent decline.

Fears over liquidity, particularly in smaller cryptocurrencies, drove the bear market as both China and South Korea once again implied further crackdowns on crypto trading.

A report Jan. 15 cited sources close to Chinese policymakers saying the country intends to clamp down on both online exchanges and mobile apps that offer exchange-like services. China originally banned bitcoin and cryptocurrency exchanges in September, but did not ban informal exchanges or private trading. But if reports are true, it’s now looking at banning them as well. Reports have also swirled for months that China is looking to ban bitcoin mining as well, the latest claim published Jan. 8.

South Korea’s Shakespearean farce over cryptocurrency regulations also contributed to ongoing uncertainty in the market. Finance Minister Kim Dong-yeon said in a radio interview that the option of banning cryptocurrency trading was still on the table, less than 24 hours after the government said that they had no immediate plans for a ban.

“The finance minister made it clear they’re definitely considering banning crypto trading — and it’s probably the third-largest market,” market analyst Neil Wilson told Bloomberg. “The news is hitting prices and broader sentiment, and it follows China’s move to shutter mines.”

Photo: dannyboymalinga/Flickr