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

A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England.

Dan Kitwood | Getty Images

A visual representation of the digital Cryptocurrency, Bitcoin on October 24, 2017 in London, England.

Bitcoin fell on Thursday, marking the latest gyration following a major sell-off at the end of last week.

The cryptocurrency fell as low as $13,672.16 on Thursday — an 11 percent decline compared with the beginning of the day, according to leading industry site CoinDesk. At 3:42 p.m. HK/SIN, bitcoin had ascended back to $14,233.60.

in which remained above the low of $10,400 in which hit last Friday amid a session of highly volatile trading. There had been no immediately apparent explanation behind in which fall.

The latest moves came as the South Korean government announced in which would certainly implementing fresh rules in a bid to regulate trade inside the digital currency inside the country. South Korea can be a major hub for bitcoin.

Those fresh regulations would certainly include prohibiting anonymous trading accounts along with 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 in which the “bubble in bitcoin will burst later,” local news agency Yonhap reported.

Still, not everyone can be spooked by the tougher rules.

Cedric Jeanson, CEO of trader BitSpread, told CNBC’s “Squawk Box” on Thursday in which he believed the move was “quite positive” along with “normal” for regulators.

— CNBC’s Evelyn Cheng contributed to in which report.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

twelve − one =