Bitcoin prices plunged on Thursday by almost 14 per cent, after South Korea intensified its crackdown on virtual currencies and considers a ban on all cryptocurrency trading in the country, one of the world's largest bitcoin markets.
Bitcoin dropped as much as 12% to $12,801, before paring the loss to about 5% at 9.10am NY time, according to data compiled by Bloomberg.
GETTYThis talk of a possible ban of cryptocurrency trading lead to a drop of 12 percent in bitcoin
The country's government is looking to clamp down on cryptocurrencies following a boom in initial coin offerings (ICOs) and trading of cryptocurrencies in the country.
On Thursday, January 11, 2018, reports from South Korea indicated that some of the nation's authorities are planning a ban on cryptocurrency trading in the country.
This year has not been so favorable for bitcoin as it receives more oppositions both from government and other cryptocurrencies, which may eventually cause an unimaginable fall in its value. "Some officials are pushing for stronger and stronger regulations because they only see more (investors) jumping in, not out".
By 5pm Hong Kong time, it was trading at US$13,723.94, down 7.8 per cent.
An unidentified spokesman told the Financial Times: "They asked for some data such as cryptocurrency trading volume, our exchange's sales and whether we are paying corporate tax well". The official, who spoke on condition of anonymity, said that Coinone was cooperating with the investigation.
According to industry website CryptoCompare, more than 10 percent of ethereum is traded against the South Korean won - the second largest concentration in terms of fiat currencies behind the dollar. Police raids on exchanges also follow earlier statements from regulators that they may tax capital gains from crypto trading.
The home side had earlier won the opening ODI in Wellington by 61 runs and will now face the Pakistanis on Saturday at Dunedin. After rains played the spoilsport and delayed the play for more than two hours, the target was revised to 151 off 25 overs.
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