Those in the cryptocurrency world were shocked this morning, as ten of the world's largest cryptocurrencies took a massive plunge. All of the currencies, including Bitcoin, Ethereum, Ripple and Litecoin experienced double-digit drops in what some analysts called a "cryptocurrency bloodbath".
Bitcoin specifically, fell nearly 16% down to nearly $12,000 - although there's been a marginal recovery since then. This massive drop, the first in 2018, was enough to scare the entire cryptocurrency market.
Although there's no single reason for the drop, several sources and analysts point to Asian markets being the root of the action. Some suggest that it boils down to the buyers. Traders in Asian markets are predominantly buyers and have apparently been waiting for the market to settle down - suggesting that the drop is simply due to Asian buyers shifting to a more passive role.
The other hand to blame, are Asian governments who are putting the crypto-market under heavy scrutiny. China is already looking to block websites and apps that offer exchange sources of any nature; South Korea's minister of finance is still in the midst of considering an outright ban.
So what does this mean for cryptocurrencies in general? There are mixed reactions. Chinese and South Korean Governments are going to have a huge impact on not just the current price of cryptocurrencies, but also what neighbouring governments might decide to do. Looking past that, this drop might simply mean that its massive bull run from December is over.