Nearly every major cryptocurrency—including bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash—has experienced substantial losses on Tuesday, highlighting concerns over potentially catastrophic regulatory changes in key Asian markets.

According to CoinMarketCap.com, the price of bitcoin has slumped more than 16.5% over the past 24 hours, while Ethereum has lost nearly 16.9% over that timeframe. Similarly, Litecoin has shed about 16.4%, Ripple has crashed more than 24.7%, and Bitcoin Cash has dropped roughly 20.7%.

The total market capitalization of the 1,450 cryptocurrencies tracked by CoinMarketCap slumped from a 24-hour high of $713.64 billion to a low of $536.65 billion earlier this morning. At the time of this writing, 97 out of the 100 largest cryptos in the terms of total market cap were in the red on Tuesday.

Today's crash comes on the back of concerns that several major Asian countries will begin cracking down on cryptocurrency trading. On Monday, Bloomberg reported that China is gearing up to further block domestic internet users from accessing international crypto exchanges. The nation technically banned cryptocurrency exchanges last year, but regulators are now starting to clamp down on traders using alternative options.

There have also been multiple reports suggesting that Chinese regulators are cracking down on the country's bitcoin miners. While the exact size and location of many mining operations remains a mystery, China is thought to be home to the majority of the world's miners. Many large operations in the nation are already expanding elsewhere.

Meanwhile, the cryptocurrency market has grown increasingly worried about South Korea's intentions to regulate trading. Last week, the country's justice minister implied that regulators were working on an outright ban on cryptocurrency exchanges. That sentiment has eased up a bit, but the government has confirmed that it is debating several ideas on how to curb cryptocurrency speculation.