In last two days, the exchange prices of Bitcoin has dropped by over USD 2,300, from a high of USD 17,172 to USD 14,871

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In a red letter day for cryptocurrency market, several major currencies including Bitcoin, Ripple, and Litecoin took a dive following South Korea's financial regulator said it and other agencies are inspecting six local banks that offer digital currency accounts to institutions.

Along with this, the fear that China may restrict the electricity supply to cryptocurrency miners had a negative effect on the cryptostreet.

Bitcoin fell about 4 percent in last 24-hour trade and Ripple plunged over eight percent. The largest drop was in three-month-old Tron which slipped about 11 percent in last 24-hour trade, according to data source OnChainFX.

In last two days, the exchange prices of Bitcoin has dropped by over USD 2,300, from a high of USD 17,172 to USD 14,871. Similarly, exchange price of Tron is now just 40 percent of what was on January 5.

Other major cryptocurrencies which were in red in last 24-hour trade included Dogecoin, IOTA, Cardano, Ethereum Classic, Litecoin, Dash and Bitcoin Cash.

On the other hand, investors were bullish on four-month-old cryptocurrency 0x which jumped over 60 percent in last 24 hour. The cryptocurrency has seen a stellar run in last seven days rising 138 percent in its valuation.

Ethereum or Ether has also surged by over 6 percent in day's trade, reaching an exchange rate of USD 1,129.

Overall, the market cap of the cryptocurrency market dropped USD 105 billion. On January 8 (00:57 UTC), the market cap was USD 833 billion and on January 9, (10:47 UTC), it stood at USD 728 billion.