Bitcoin, Ethereum and Dogecoin all slumped in value on major cryptocurrency exchanges on Wednesday, notably in India, on concerns about the future of digital currencies. Bitcoin was trading at $39,429.20, down 10.20 percent at 11.30 p.m. IST, after plunging as much as 27 percent earlier in the day. On cryptocurrency exchanges, Ethereum was down 19.33 percent to $2,793.65. Dogecoin’s price fell by 21.65 percent to $0.382533 and XRP fell 22.74 percent to $1.25.

Cryptocurrency expert Hitesh Malviya said, “We have seen a market-wide correction today, not only bitcoin, other major cryptocurrencies like ethereum, binance and polkadot witnessed a 25-50 per cent drop in the last 24 hours. Correction is the part of any bull market cycle. As of now, bitcoin is testing a major support level around $30,000-35,000. Ideally, it’s a good area to buy bitcoin for long-term trades.”

China’s PBOC on Tuesday issued a warning about a rebound in speculation in virtual currencies. China announced that financial and payment institutions are banned from pricing or conducting business in virtual currencies.

“Recent comments by some industry stalwarts such as Elon Musk might have also contributed to some corrections in the pricing. Moreover, the recent ban on crypto-related transactions imposed by the Chinese government seems more of a precautionary measure since it does not stop Chinese people from holding these currencies,” said Neeraj Khandelwal, chief technology pfficer (CTO) and co-founder of CoinDCX.