Bitcoin falls after South Korea promises crackdown on trading.

Source:- THE GUARDIAN.

Bitcoin plunged by more than $1,000 on Thursday after South Korea said it was planning a crackdown on trading in the digital currency in the latest of a string of warnings for investors.

In a further illustration of bitcoin’s volatility, it dropped to around $13,500 after trading at about $15,400 on Wed. The cryptocurrency has surged in value this year by more than 900%, becoming one of the biggest stories in finance amid a slow of warnings of a pending market crash, hitting a record high of almost $20,000 earlier this month.

South Korea will require real-name cryptocurrency transactions and impose a ban on the offering of virtual accounts by banks to crypto-exchanges, according to a statement from the Office for Government Policy Coordination. Policy makers will review measures including the closure of crypto-exchanges suggested by the Ministry of Justice and take proper measures swiftly and firmly while monitoring the trend of the speculation.

South Korea, which is one of the biggest markets in the world for bitcoin, said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to enable regulators to close coin exchanges if they felt there was a need to do so.

Source:- https://www.theguardian.com/technology/2017/dec/28/bitcoin-falls-south-korea-crackdown-trading