Cryptocurrency prices steady with ripple bouncing back 30% after ‘severe’ sell-off

Major digital currencies recovered slightly on Thursday, after a two-day sell-off saw the world's biggest cryptocurrency bitcoin lose more than 50 percent of its value.

Bitcoin and ethereum — the first and second largest virtual currencies by market value — appeared to stabilize after Wednesday's lows.

Bitcoin fell as low as $9,199.59 on Wednesday morning, but bounced back to $11,218.84 as of Thursday at 5:40 a.m. ET, according to CoinDesk, which tracks prices from cryptocurrency exchanges including Bitstamp, Coinbase, itBit and Bitfinex. It was up 0.7 percent in the last 24 hours.

Ethereum on the other hand dived below the $800 mark to a three-week low of $780.92 Wednesday, but lifted to $1,004.43 the following day at about 5:40 a.m. ET. It was still down 1 percent in the last 24 hours.

Ripple's XRP, which is also known as ripple, surged more than 30 percent to $1.42 a coin, according to data from CoinMarketCap. The digital currency — which is controversial among crypto enthusiasts due the firm behind it being backed by big banks — fell as low as 90 cents the previous day.

Regulatory concerns
Experts told CNBC earlier this week that investors had been "spooked" by news of regulatory crackdowns from both South Korea and China.

South Korea — one of the largest markets for cryptocurrencies — has reportedly been considering the shutdown of trading through cryptocurrency exchanges. On Thursday, the country's policymakers said they were considering closing all domestic virtual currency exchanges, echoing a move last year from Chinese regulators.

China, separately, is reported to be deepening its clampdown of its digital currency market. According to reports from Bloomberg and Reuters, the country is planning to ban the centralized trading of digital currencies.