Cryptocurrencies were unable to pull out of the red after this week's bloodbath

Bitcoin and most other major cryptocurrencies had a rough week.The week began with amassive selloff dubbed a bloodbath which was fueled by rumors out of Russia, South Korea, and China that their governments may further crack down on cryptocurrency exchanges and mining.Bitcoin was able to maintain its spot as the worlds largest cryptocurrency. The flagship coin bottomed out below $10,000a milestone it crossed in Novemberbefore climbing back above $11,000. Its set to remain roughly 14% down Friday evening.Heres how the other large cryptocurrencies have fared this week:Ethereum: -9.7%Ripple (XRP): -14%Bitcoin Cash: -28%Litecoin: -14%When all was said and done, global cryptocurrency market cap was down 21% Friday afternoon from Monday's highs, sitting at roughly $561.19 billion"These governments in Asia are concerned about losses in crypto disrupting other areas of the market," Michael Arrington, who recently joined blockchain tech company Aelf as an advisor, told Business Insider.He also said that countries on the continent see a huge opportunity in blockchain, and noted huge exuberance around the tech. "There's a rising level of enthusiasm and focus on the tech," he said.Here are all the theories explaining this week's crypto market crash>>SEE ALSO:Sign up to get the most important updates on all things crypto delivered straight to your inbox.Join the conversation about this storyNOW WATCH: Bitcoin can be a bubble and still change the world
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