The global cryptocurrency market has generally plunged 200 billion US dollars, and the market value has been turned into nothing.

On the evening of the 17th, Beijing time, the global cryptocurrency market generally fell sharply on Wednesday, making the market value of more than 200 billion US dollars disappear.

According to data provided by Coinmarketcap.com, a website that tracks the dynamics of cryptocurrency prices at different exchanges, at 7 am London time on Tuesday, the total market value of all types of digital currencies worldwide was $653.8 billion.

This is the data when the cryptocurrency just started to fall steadily. With the price of major cryptocurrencies such as Bitcoin, Ethereum, and Ripple plunging, the market value dropped to a minimum of $450.5 billion on Tuesday night in London time. The market value and the cryptocurrency prices of certain varieties began to rebound from the lowest point, but still maintained a huge decline.

The reason for the plunging cryptocurrency seems to be caused by concerns about stricter regulatory measures in important markets such as China and South Korea.

Last week, the South Korean Justice Minister said that the Korean Ministry of Justice is preparing to draft a bill to prohibit trading through certain cryptocurrency exchanges. Some other officials of the Korean government subsequently issued a slightly softer speech.

On Tuesday, Reuters reported that the Chinese central bank urged the authorities to ban centralized trading of virtual currency.