Bitcoin skids as traders worry that Korea will crack down

NEW YORK (AP) — Bitcoin is dropping sharply as traders worry that regulators in South Korea will crack down on trading of digital currencies.
Bitcoin has slumped about 30 percent this week after South Korea’s finance minister said Tuesday the government could still ban trading in virtual currencies, an idea another official discussed last week.
The price of bitcoin fell 13 percent to $9,823 at 1:26 p.m. Eastern Time, Wednesday according to Coindesk.
Bitcoin hasn’t caught on as a currency for buying things, as intended. But it has drawn huge interest from traders, and its price has soared over the past year. It went from $1,000 at the beginning of last year to nearly $20,000 in December.
Many financial pros believe bitcoin is in a speculative bubble that could crash any time.

SHARE

RELATED CONTENT

Animal crackers uncaged Job post for cat sanctuary caretaker on Greek island flooded with 35,000 applications US CEOs earned 312 times more than workers in 2017: Study Texas college student gets a Whatadorm makeover Texas unemployment rate for July remains at 4 percent Trump Asks SEC To Study Six-Month Corporate Reporting System
Comments