>> Buckle up, BitCoin's roller coaster ride is seeing its value plummet. The cryptocurrency has plunged to a four week low after a surging end to 2017. The new year has brought new problems. Reuters' Jemima Kelly in London says it all boils down to talk of regulation.>> The latest plunge was triggered by South Korea saying that they might ban all cryptocurrency trading in the country, where Bitcoin has really taken off.
They have previously said that they were gonna look at regulating the market. But people weren't sure if an outright ban was on the cards, so that has triggered some panic selling. There's also been obviously a clamp down in China. That happened last year, but there's now been a further clamp down.
China saying it's gonna ban all centralized trading.>> The broader crytocurrency market has seen similar sell offs, but even if South Korea goes through with its ban, it doesn't mean crypto's doomed. That's because exactly how to regulate this virtual borderless community remains a difficult question. Germany's central bank says that borderless nature means any effective regulation would need to be a global effort.
>> The other thing is that the extent of the rise in Bitcoin and other cryptocurrencies in 2017, had led many to think that a correction was due anyway. And it seems to be a case of people thinking that a correction is coming. So every time there's a little bit of a sell off, it drives a bit of a panic, cuz people think this is it, this is when it's happening.
>> The founders of some cryptocurrencies, including Bitcoin rival Ethereum, say even they think the market's become alarmingly overvalued.