Bitcoin's tumultuous week was the week of the South Korean government expressed concern about the December regulatory control over the cryptocurrency exchanges.
Massive adoption of cryptocurrency has been at the forefront of the country this year and the government has struggled to keep up with developments in the industry and trading, where arbitrage business between stock exchanges are commonplace. Earlier in December, the South Korean government reiterated plans to shut down some exchanges in the country and the house plans laid out this week.
Recently, Bitcoin has been trading nearly 30% higher in pre-compared to average international rates South Korean stock exchanges, according to Bloomberg. Policy makers seem intent on curbing the front - or at least slowing - the currency's enormous popularity. In a press release, the South Korean government has expressed a cryptocurrency worth over its 'obsession' in the country:
"Irrationally overheated Cryptocurrency has been speculation in Korea. The government can not leave the speculation any longer the abnormal situation. "
Virtual trading Plans to wrestle control over the cryptocurrency cryptocurrency exchanges includes banning banks from providing accounts to back home. The government has reiterated its authority to close the cryptocurrency exchanges, but short of starting its diffusion management as a practise to do so.
The market reacts
Accountable for business that is given up to a fifth of South Korea is the world's cryptocurrency trading, bitcoin and the price of both pre ethereu tumbled Thursday, perhaps in reaction to the uncertainty created by the government's most recent misgivings.
Bitcoin saw a 12% dip in value over 24 hours, dropping from $ 14,900 to a low of $ 13,100. However, the market has largely recovered, rising to $ 14,800 at press time.
