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South Korea Announces Crackdown on Crypto; Bitcoin Price Plunges

South Korea Announces Crackdown on Crypto; Bitcoin Price Plunges

schiffgold.com / BY SCHIFFGOLD / DECEMBER 28, 2017

When it comes to Bitcoin, you can count on one thing – volatility.

The price of Bitcoin plunged more than 11% Thursday morning, dipping below the $14,000 level after the South Korean government announced plans to more tightly regulate cryptocurrencies. 

South Korea has turned into a major hub for cryptocurrencies, as Bitcoin and others have surged over the last year. In one 24-hour period earlier this month, about 21% of the world’s Bitcoin trades on fee-charging venues involved the Korean won, according to Coinmarketcap.com. The surge in crypto interest recently led South Korean Prime Minister Lee Nak-yeon to publicly worry it could “corrupt the nation’s youth.”

Now the government has announced concrete efforts to rein in cryptocurrencies, according to Bloomberg. Regulations could even go as far as shutting down exchanges.

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