On Tuesday, January 30, the cryptocurrency market closed the day with strong bearish movements. Of the top 100 of cryptocurrencies, 94 present figures in red, thus breaking with the brief recovery that had been observed during the last days.
At the time of writing this article and according to data from Coinmarketcap, the price of Bitcoin falls by 9.34% and stands at $ 10,224; Ethereum's price drops 6.52%, trading at $ 1,079.94; the Ripple recedes 12.34%, standing at $ 1.16; Bitcoin Cash drops 9.96% and stands at $ 1,489.35; Cardano retreats 11.79% to $ 0.54; the Neo drops 10.69% reaching $ 149.44; the Litecoin retraces 8.34% to $ 165.99; Stellar drops 15.58% to $ 0.49; EOS retreats 16.41% reaching $ 11.70; and the NEM falls 14.26%, trading at $ 0.79.
In fact, at the time of writing, all currencies within the top 50 with the highest market capitalization are suffering losses, with the only exception of the Populous, which advances by 0.64%.
This generalized price fall occurs on the same day that the new South Korean regulations come into effect, which eliminate the use of anonymous accounts in transactions with cryptocurrencies. It seems that the market is stumbling for the second consecutive week as a result of government regulations in South Korea.
Among the cryptocoins mentioned above, those with the strongest percentage drop (two digits) are Ripple, EOS, NEO, Cardano, Stellar, and NEM. If we look at their exchange volume during the last 24 hours for each of these currencies, we will see that the South Korean exchange houses Upbit, Bithumb, Korbit and Coinone are in the top of the platforms that are trading these assets.

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Main markets that trade Ripple. CoinMarketCap Font

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Main markets that trade EOS. Source CoinMarketCap.

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Main markets that trade Neo. CoinMarketCap Font

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Main markets that trade NEM. Source CoinMarketCap.
In fact, in the case of Ripple, these South Korean platforms move more than 50.15% of the market volume, for the EOS it is 40.49%, for the NEO 41.88%, for Cardano 81.51%, for Stellar 33.07%, and 21.57% for the NEM. The high weight of these South Korean exchange houses, which amounts to more than half the volume of transactions in several cases, seems to indicate again that the pessimism in this market is sinking the price of cryptocurrencies.
But not only the regulations in South Korea are negatively affected to the market, since yesterday the Japanese authorities have announced that they will investigate all the exchange houses of the country after the recent hack suffered by Coincheck. Similarly, that same day it was reported that in New York several federal judges are discussing new possible regulations for the cryptoactive market, so we see that the market is depressed by a wave of attempts at regulation by different governments.
This merely represents people selling out of fear. But overall around the world cryptocurrencies will continue to strip fiat currencies of their significance as awareness and adoption increase. The future is now.
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