Ripple's XRP sinks to its lowest levels since the cryptocurrency 'bloodbath'

Ripple’s XRP – a cryptocurrency designed for international payments and money transfers – has lost almost 10% of its value since Monday, bottoming out at just $US1.0852 per coin Tuesday afternoon, according to Markets Insider data.

Just before the new year, XRP was hitting record highs and reached a peak of $US3.315 on January 4. Now, less than four weeks later, the token is worth one-third of its peak value.

All cryptocurrencies have seen violent price swings – often more than 10% in either direction – since the start of 2018, a dramatic departure from last year’s seemingly endless upward price movements. Two weeks ago, a cryptocurrency “bloodbath” wiped out hundreds of millions from global cryptocurrency markets in just two days.

Regulators worldwide have become more heavy-handed in their approaches to cryptocurrencies and so-called initial coin offerings. On Tuesday, Bloomberg reported that cryptocurrency exchange Bitfinex was the subject of a subpoena by the CFTC in December, which dragged down prices.

Earlier in January, rumours of crackdowns on mining and exchanges in China as well as South Korea began a month that has been rife with volatility. Still, XRP remains 437% above where it was trading three months ago.

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