Cryptocurrencies were unable to pull out of the red after this week's bloodbath

Bitcoin and most other major cryptocurrencies had a rough week.

The week began with a massive selloff – dubbed a bloodbath – which was fuelled by rumours out of Russia,South Korea, and China that their governments may further crack down on cryptocurrency exchanges and mining.

Bitcoin was able to maintain its spot as the world’s largest cryptocurrency. The flagship coin bottomed out below $US10,000 – a milestone it crossed in November – before climbing back above $US11,000. It’s set to remain roughly 14% down Friday evening.

Here’s how the other large cryptocurrencies have fared this week:

When all was said and done, global cryptocurrency market cap was down 21% Friday afternoon from Monday’s highs, sitting at roughly $US561.19 billion

“These governments in Asia are concerned about losses in crypto disrupting other areas of the market,” Michael Arrington, who recently joined blockchain tech company Aelf as an advisor, told Business Insider.

He also said that countries on the continent see a huge opportunity in blockchain, and noted huge exuberance around the tech. “There’s a rising level of enthusiasm and focus on the tech,” he said.

Here are all the theories explaining this week’s crypto market crash>>

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