Cryptocurrencies are experiencing a price correction, with the size of the market shrinking from about $830 billion a week ago to $570 billion.

The correction is likely a result of several factors. Last week, South Korea's Justice Minister Park Sang-ki said the country is preparing a ban on cryptocurrency trading. Even though other branches of government later said the ban is not finalized, the country's stance towards the cryptocurrency market does seem to be getting tougher.

Charles Hayter, the CEO of CryptoCompare, thinks the unclear future of cryptocurrency regulations in Asia is the main driver for the correction.