Bitcoin Value Drops $ 2,000 For Some Things Here

The value of bitcoin decreased on Thursday (11/1/2018) to 13.5% or $ 2,000.
The decline comes after South Korea announced a ban on bitcoin trading.
It follows news of the freezing crypto currency in South Korea, as bitcoin exchange offices were raided for tax evasion and feared could make people addicted to gambling.
Tax authorities and the police conduct the raids.
"There are major concerns about virtual currency and the justice ministry basically preparing a bill to ban the trade of cryptocurrency through exchange offices," Justice Minister Park Sang-ki said.
The news then makes the bitcoin price slump from the highest level of $ 14,890.
In South Korea, bitcoin trade is the largest.
Once the bill is drafted, a law on banning virtual bitcoin trade in South Korea will require a majority vote of 297 members of the National Assembly, a process that could take months or even years.
"Once enacted, the South Korean ban will make bitcoin trading difficult here, but not impossible," said Mun Chong-hyun, chief analyst at EST Security.
"Serious merchants, especially hackers, will find it difficult to dilute their profits from bitcoin investments in Korea but they can go abroad, such as Japan," Mun said.
According to the Korean Blockchain Industry Association there are more than a dozen cryptocurrency exchanges in South Korea.
The 1,500% Bitcoin surge since January 2017 has driven huge demand from many demographics, from students to housewives.
It then sparked fears of gambling addiction that flourished in the country.
On Thursday afternoon, more than 55,000 South Koreans had signed a petition calling on President Blue House to stop crackdowns on the virtual currency.