The cryptocurrency market turned bearish on Monday, as several areas of the world tightened laws on the digital asset sector, with the market capitalisation falling 4.5 percent to $2.1 trillion as of 1135 GMT.

Bitcoin's (BTC) price fell 2.77 percent to $44,683. The largest cryptocurrency's market capitalisation has decreased to $840.6 billion as a result of this decline in price.

Similarly, the price of ether (ETH) decreased 5.66 percent to $3,230. ETH's market capitalisation has decreased to $378.7 billion as a result of this decline in pricing.

Likewise, the price of XRP decreased by 4.13 percent to $1.06. Following this reduction, XRP's market capitalisation is now $106 billion.

Cardano (ADA) followed suit, declining 7.14 percent to $2.40. Following this drop, the company's market capitalisation increased to $77.7 billion. Dogecoin's (Doge) price, on the other hand, fell 4.21 percent to $0.235. Doge's market capitalisation has risen to $30.9 billion as a result of this price reduction.

Meanwhile, South Korea's Financial Services Commission (FSC) has set a deadline of the end of September for both foreign and domestic cryptocurrency exchanges to register as legitimate trading platforms. While the country is attempting to tighten rules on the digital asset market, roughly two-thirds of all exchanges, approximately 40, are projected to close.

At the moment, four big exchanges - Upbit, Bithumb, Korbit, and Coinone – dominate the country's cryptocurrency trading sector. These platforms account for more than 90% of all digital asset trading activity in the country.

Approximately 20 exchanges have thus far met several of the financial regulator's requirements by enabling systems for gathering personal information in order to facilitate crypto trading on their platforms. Industry sources feel that, given the small scale of their operations, these operators would still struggle to thrive in the industry.

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