Bitcoin falls 28 percent under $10,000 on Coinbase; within 24 hours, Ethereum drops 30 percent

Bitcoin new records

On Coinbase, Bitcoin shortly fell under $10,000 later in Tuesday afternoon. Digital currency Ethereum fell 30 percent on Tuesday to under $1000 while ripple dropped below $1.

As of 6:30 p.m. ET, Ethereum recovered the $1000 level. The digital coin traded near $964 or 26 percent under over the past 24 hours, following its low levels of $854 earlier in the afternoon. Coinbase, the leading marketplace for trading bitcoin, Ethereum, bitcoin cash and Litecoin in the United States.

The recent drops were caused by the reports from South Korean authorities that showed stricter regulations on trading digital currencies in the country. However, there was no clear reason for the late-afternoon drop.

Bitcoin fell a staggering 28 percent to a low level of $9,969 on Coinbase, however, the digital coin rapidly recovered and climbed back up to trade more than $11,000 as of 6:02 p.m., eastern time.

The largest digital currency is currently halved in price following its record peak of $19,800 in the middle of December. However, the digital coin still maintains more than 1,100 percent higher over the past twelve months, based on Coinbase data.

The third largest digital currency according to market capitalization, the ripple, has traded close to $1.08 following its fall of 46 percent close to 90 cents, based on data showed on CoinMarketCap. The site started to not include prices from South Korean exchanges last week, where ripple trades approximately 20 cents higher.

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