South Korea promises crackdown on trading, Bitcoin falls $1000

Bitcoin plunged through more than $1,000 on Thursday after South Korea said it was planning a crackdown on trading in the virtual currency in the modern day of a string of warnings for buyers.

In a similarly illustration of bitcoin’s volatility, it dropped to around $13,500 after buying and selling at about $15,four hundred on Wednesday. The crypto currency has surged in value this year via more than 900%, becoming one of the biggest stories in finance amid a slew of warnings of a pending market crash, hitting a record high of almost $20,000 earlier this month.

South Korea, which is one of the most important markets in the global for bitcoin, stated it was preparing a ban on commencing anonymous crypto currency money owed and new legislation to allow regulators to shut coin exchanges if they felt there was a need to accomplish that.