Cryptocurrency Prices Plummet Tuesday Morning as South Korea Fears Mount
Bitcoin and other cryptocurrencies were witnessing volatile price drops Tuesday morning following statements issued by South Korean Finance Minister Kim Dong-yeon.
Kim referred to the banning of trading in digital currencies a "live option".
He added: “There are no disagreements over regulating speculation,” such as using real-name accounts and levying taxes on cryptocurrency trading. Shutting down digital currency exchanges is “a live option but government ministries need to very seriously review it."
Kim had brought up a trading ban last week but South Korean officials responded by suggesting that less extreme regulation was likely.
Cryptocurrencies across the market were in the middle of a huge crash early Tuesday.
Most have fallen more than 10 per cent over the morning, with the price of Bitcoin dropping well below $12,000. It currently stands at $11,526 (£8,369).
It has fallen more than 16 per cent over the past 24 hours and 40 per cent over the last month.
Ethereum was down 23% on the day, according to trade website Coinmarketcap, while Ripple plunged 33%.
