Investing.com - Cryptocurrencies continued to selloff on Wednesday amid one of the most severe routs of recent years sparked by fears of a regulatory crackdown.Bitcoin was down as much as 12% at $10,000 on Wednesday. It had traded as high as $14,394 on Monday.Ethereum plummeted from a high of $1,401 on Sunday to $977.53 on Wednesday.Ripple dropped from $2.02 to $1.17 over the same period.The painful declines in prices sparked concern amid investors.The mood across online boards where enthusiasts discuss cryptocurrencies was a mixture of resilience and despair.To be in bitcoin and cryptocurrency, is to be in the wild wild west. Only the strong survive. Don’t think in the short term, always think long term,” said one user on Reddit.Other users posted to the Bitconnect subreddit that they had invested large sums and had taken a heavy financial blow due to the steep price declines.Cryptocurrency prices have come under pressure following reports that South Korea may be preparing to ban trading of virtual currencies on domestic exchanges. The country is one is one of the largest markets for major coins like bitcoin and ethereum.