Bitcoin price tumbles after South Korea joins cryptocurrency crackdown

Ripple price leaps over $1.20 on South Korea trading

According to the market tracker Coinhills, the Korean Won is the third-most traded currency for bitcoin, and it regularly gives the US Dollar competition in related altcoins like Ethereum.

As a part of this crackdown, South Korean regulators will close down anonymous accounts next month.

The government in a bid to cool bitcoin speculation on Thursday announced that all cryptocurrency transactions must be done using real-name bank accounts.

The new rules will target anonymous trading of virtual currencies and crack down on money laundering activities, Seoul said.

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Authorities have also pointed out premiums in prices of cryptocurrencies traded on South Korean exchanges compared to other global counterparts. This follows a huge uptick in trading within the nation, that itself coming at a time when bitcoin's value has skyrocketed to, at one point, more than $19,000 United States dollars. The anonymity itself has been controversial, though, as governments worry about tax implications, law enforcement fears its ability to fuel illicit markets, and more.

The crypto currency recovered but is still down more than 7% on the day. Perhaps in response to the news, the cryptocurrency markets fell overnight, with Bitcoin slumping 10%.

The South Korean government, in a statement, said: "Cryptocurrency speculation has been irrationally overheated in Korea". I believe longer-term we go higher, but also recognize that short-term pullbacks are possible. However, this is surely not the first time that we have witnessed this kind of reaction in the Bitcoin price. The Long Island Iced Tea Corp - an iced tea company that changed its name to Long Blockchain and saw its stock price rise over 200 per cent - saw its price dip by about six per cent after the news from South Korea that had nothing to do with iced tea.


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