Uh oh. In the early hours of Tuesday morning, cryptocurrency traders awoke to a sea of red numbers with almost every singular token in the tip 100 stating drops in value over the past 24 hours. The dips come after a number of announced legislative actions by inhabitant governments, nonetheless there is doubt in the crypto village that these events are linked.

CoinMarketCap shows that Bitcoin, still the largest token by a far-reaching mile representing 35 percent of the market’s sum value, forsaken scarcely 12 percent in value over the past day to strech $12,305 with a market cap of $206.8 billion. Ripple, previously touted as an up-and-coming coin, forsaken 21 percent to strech $1.44 and a market top of $55.7 billion. By distant the misfortune performer of the day was SmartCash, with a 39 percent dump that left the cost of a singular token at 97 cents and a market cap of $577.8 million.

The dump comes after a number of big announcements around cryptocurrency legislation. Following a day of churned messages from the South Korean supervision last week, a orator for boss Moon Jae-In clarified on Monday that legislators would moment down on unknown cryptocurrency trading. The beginning is directed at enormous down on marketplace strategy and wrong activity, rather than a finish anathema on cryptocurrencies as one apportion formerly suggested.

France also announced measures to moment down on cryptocurrency traders avoiding taxation and utilizing the markets. Bruno Le Maire, the country’s financial minister, announced on Monday that he has recruited a former executive bank chief to breeze new rules.

Cryptocurrency researcher Joseph Young claimed that the dump was more of a “correction” rather than a thrust caused by events:

On the Bitcoin subreddit, an choice reason for the dump by user eclipsegum made the front page. In a post patrician “everybody relax,” the user remarkable a sell-off routinely occurs around 3 weeks before to Lunar New Year. The eventuality is the world’s largest tellurian migration, and a number of traders might be offered to buy craft tickets and gifts.

A draft constructed by user secruoser puts this in perspective:

Lunar New Year sell-offs.Lunar New Year sell-offs.
Lunar New Year sell-offs.

Just two of the 100 largest cryptocurrencies listed saw an boost in value. Tether changed up by just over one percent to strech a token value of $1.02 and market cap of $1.5 billion, and Cryptonext increasing by 0.89 percent to strech token value of $5.75 and market cap of $259 million.

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