SELL-OFF OF DIGITAL CURRENCIES AS FEARS OF A BAN SPREAD

BITCOIN plunged into double-digit losses as fears grew of crackdowns.

The digital currency and others, including Ethereum, Ripple, Bitcoin Cash and Cardano, tanked after officials in South Korea and China suggested they could try to block trading. A massive sell-off sent Bitcoin down by as much as 20pc.

The next biggest rival currency, Ethereum, was also down by more than 20pc. Ripple, the third biggest, plunged by 33pc. Measures being considered by China include targeting online trading platforms and mobile apps.

South Korean ministers said the government was plotting a clampdown on the ‘irrational’ cryptocurrency craze.

But Joachim Wuermeling, a director at Germany’s central bank, said any attempt to regulate crypto currencies would require global cooperation.