Bitcoin price (BTC) tumbles after South Korea crackdown on cryptocurrency

Lynsey Barber
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Bitcoin Continues To See Unprecedented Growth
Regulators are taking action against bitcoin (Source: Getty)

Bitcoin has tumbled after South Korea announced new rules for trading.

The cryptocurrency tumbled under $14,000 in the latest move lower in a volatile period of trading, and was at $13,695 at pixel time according to Coindesk bitcoin price index (BPI).

The South Korean government said it will ban anonymous accounts for trading cryptocurrencies and will push for powers to close exchanges if needed.

Read more: Is the bubble bursting already? Bitcoin plummets to $12,500

“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,” the government said.

Bitcoin had recovered from a crash over Christmas which had seen it plunge as low as just over $11,000 after hitting highs of nearly $20,000.

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