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Bitcoin drops 11% as South Korea moves to regulate cryptocurrency trading


Added 12-28-17 03:02:02am EST - “Bitcoin fell on Thursday, marking the latest gyration following a major sell-off at the end of last week.” - Cnbc.com

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Posted By TheNewsCommenter: From Cnbc.com: “Bitcoin drops 11% as South Korea moves to regulate cryptocurrency trading”. Below is an excerpt from the article.

Bitcoin fell on Thursday, marking the latest gyration following a major sell-off at the end of last week.

The cryptocurrency fell as low as $13,672.16 on Thursday — an 11 percent decline compared with the beginning of the day, according to leading industry site CoinDesk. At 3:42 p.m. HK/SIN, bitcoin had ascended back to $14,233.60.

That remained above the low of $10,400 it hit last Friday amid a session of highly volatile trading. There had been no immediately apparent explanation behind that fall.

The latest moves came as the South Korean government announced it would implementing new rules in a bid to regulate trade in the digital currency in the country. South Korea is a major hub for bitcoin.

Those new regulations would include prohibiting anonymous trading accounts and could give authorities the ability to shut down exchanges, Reuters said.

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