Bitcoin drops 11% as South Korea agreed to regulate cryptocurrency trading

The latest moves came as the South Korean government announced it would implementing new rules in a bid to regulate trade in the digital currency in the country. South Korea is a major hub for bitcoin.
Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges, Reuters said.

Earlier on Thursday, the head of the country's financial regulation agency told reporters that the "bubble in bitcoin will burst later.