As the price of BTC is dropped significantly, which has also affected the other cryptocurrencies known as altcoins. The news sparked in the crypto world that this is due to the South Korean authority, who has shot down many exchanges in nationwide.
A report in news agency Yonhap claimed, that the authority wants to restrain speculation.
Also, they want to bring cryptocurrency under control by implementing strict rules on Korean traders to use their real name for the trading cryptocurrency.
The Yonhap quotes government statement:
"As virtual currency is not legal tender and no one guarantees its value, its prices can fluctuate by a large margin ... and cause big losses," the office said. "Therefore, virtual currency mining, investment and trading should be done prudently under one's own responsibility."
But there is another claimed that Bitcoin is undergoing its correction level. That's why the price dropped significantly.
What are your thoughts?