Bitcoin exchange rate declined 18% on Tuesday 21st March 2018 close to US $ 11,000. The ban on digital money trading (cryptocurrency) allegedly raises concerns about the rough actions of other regulators.
As a result of slipping Bitcoin exchange rate led to widespread selling in the digital money market or (cryptocurrency).
Ethereum fell 23% on the same day. Similarly, with other digital currencies, Ripple plunged 33%.
Quoted from the Korean News website, Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would produce a series of actions to suppress the irrationality of the 'irrational' cryptocurrency investment.
South Korea said on Monday that plans to ban digital money exchanges have not been completed, as the government is still in talks to decide how to regulate the market.
Based on recent data, Bitcoin was trading lower than US $ 11,191 on the Luxembourg-based Bitstamp Exchange, down 18%. The fall of the Bitcoin exchange rate in a short time put a number of other digital currencies experienced the biggest weakening of the exchange rate in the last 3 years.
Cryptocurrency enjoys a remarkable rise in 2017, when major investors enter the market through initial coin offer (ICO) or digital token-based fund raising rounds. This led to increased demand for bitcoin and Ethereum.
The recent downfall of Bitcoin's exchange rate, making the digital money down more than 40% from a record high around $ 20,000 that occurred in mid-December. This makes the market capitalization loss of US $ 130 billion.
News from South Korea comes as news of China's Central Bank Senior Officials says that authorities should ban the trading of virtual currency centrally, as well as individuals and businesses providing related services.