On Tuesday, January 30th, 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 few days.

At the time of writing, according to data from Coinmarketcap, the price of Bitcoin drops by 9.34% to $10,224; the price of Ethereum falls by 6.52%, quoted at $1,079.94; Ripple falls by 12.34% to $1.16; Bitcoin Cash falls by 9.96% and is at $1.16.489.35; Cardano fell 11.79% to $0.54; the Neo fell 10.69% to $149.44; Litecoin fell 8.34% to $165.99; Stellar falls 15.58% to $0.49; EOS falls 16.41% to $11.70; and the NEM falls 14.26% to $0.79.

In fact, at the time of writing, all currencies within the top 50 with the highest market capitalisation are suffering losses, with the sole exception of Populous, which is advancing by 0.64%.

This general fall in prices occurs on the same day as the new South Korean regulations come into effect, which eliminate the use of anonymous accounts in cryptocurrency transactions. The market appears to be stumbling for the second consecutive week as a result of government regulations in South Korea.

Among the above-mentioned cryptocurrencies, those with the strongest percentage decrease (two digits) are Ripple, EOS, NEO, Cardano, Stellar, and NEM. If we look at their trading volume over the last 24 hours for each of these currencies, we will see that the South Korean trading houses Upbit, Bithumb, Korbit and Coinone are in the top of platforms that are trading these assets.

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 bureaux de change, which accounts for more than half the volume of transactions in several cases, seems to indicate once again that the pessimism in this market is plunging the price of cryptocurrencies.

But it is not only the regulations in South Korea that are negatively affected by the market, since yesterday the Japanese authorities announced that they would investigate all exchange houses in the country following the recent hacking of Coincheck. Similarly, on the 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 regulatory attempts by different governments.