Price of Bitcoin Plunges After Crackdown of South Korea on Cryptocurrency

Bitcoin has plunged after South Korea revealed new rules for trading.

The cryptocurrency dropped below $14,000 in the most recent move lower in a volatile period of trading. According to Coindesk bitcoin price index (BPI), it was at $13,695 at pixel time.

The government of South Korea said that it will ban anonymous accounts for trading cryptocurrencies and that it will push for powers to close exchanges if required.

The government stated: “The government had warned several times that virtual coins cannot play a role as actual currency and could result in high losses due to excessive volatility.”

Bitcoin had recovered from a crash over the Christmas period which had seen it drop to as low as just more than $11,000 after hitting highs of almost $20,000.

Read more: South Korea Enacts New Regulations on Cryptocurrency