Breaking News
0

Bitcoin Drops as South Korea Says Exchange Closures Are Possible

Cryptocurrency NewsDec 28, 2017 12:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Bloomberg. Pedestrian look at monitor showing the prices of virtual currencies at the Bithumb exchange office in Seoul, South Korea, on Friday, Dec. 15, 2017.

(Bloomberg) -- Bitcoin resumed its tumble on Thursday after South Korea said it was eyeing options including a potential shutdown of at least some cryptocurrency exchanges to stamp out a frenzy of speculation.

South Korea has been ground zero for a global surge in interest in bitcoin and other cryptocurrencies as their prices surged this year, prompting the nation’s prime minister to worry over the impact on Korean youth. While there’s no immediate indication Asia’s No. 4 economy will move to shutter exchanges that have accounted by some measures for more than fifth of global trading, the news poses a warning as regulators the world over express concerns about private digital currencies.

Bitcoin fell as much as 7.2 percent to as low as $14,102 in Asia trading, erasing modest gains after the South Korean release, composite Bloomberg pricing shows. It’s now down about 25 percent from its record high reached last week.

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.

“Cryptocurrency speculation has been irrationally overheated in Korea,” the government said in the statement. “The government can’t leave the abnormal situation of speculation any longer.”

Bitcoin Drops as South Korea Says Exchange Closures Are Possible
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments
Muhammad Ashraf
Muhammad Ashraf Dec 28, 2017 2:31AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
real money is some how now digital in the form of credit / debit cards, mobil wallet accounts, nfc payment systems, online e-commerce so why bitcoin which is just a currency but trading like a commodity, i feel some thing fishy
Reply
0 0
Mohanad Elnokaly
Mohanad Elnokaly Dec 28, 2017 2:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
If bitcoin dies.. the whole momentum dies with it
Reply
1 0
Ben Samlot
Ben Samlot Dec 28, 2017 2:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Bitcoin never dies...
Reply
0 0
Artie Koterba
Artie Koterba Dec 28, 2017 2:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
South Korea is only one country . Bitcoin will be over 35,000 by mid 2018  You all will see . I personally do not have Bitcoin , but I know for sure this is not a craze or a fad
Reply
0 0
Si Gi
Si Gi Dec 28, 2017 2:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
"know for sure"...  :)
Reply
1 1
Dmitry Roman
Dmitry Roman Dec 28, 2017 2:08AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
I thin I read somewhere that Belarus legalized cryptocurrencies and all crypto businesses, plus they said you won't get taxed for owning crypto.
Reply
0 0
Live Right
Live Right Dec 28, 2017 1:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
speculation is a bad thing and should be banned? Technology is an unknown that should allways be explored and improved but never censored. More americans need to know about crypto. And they will.....
Reply
2 1
Wat The
WhatThe Dec 28, 2017 1:56AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
There's no need to know about crypto. The world can continue to exist without them. Cryptos are a zero sum game.
Reply
0 0
Dwayne Foster
Dwayne Foster Dec 28, 2017 1:47AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Makes sense. Some of these exchanges are a scam. There needs to be more regulstion. Other than bitcoin, blockchain is the future. 2018 will be the year for new trends to come.
Reply
1 0
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email