HARARE, January 16 (The Source) – Bitcoin plummeted more than 15 percent on Tuesday to trade below $12,000 globally after South Korea suggested that it could impose a ban on the trading of digital currencies.
Bitcoin is currently trading at $19,602 on the local exchange Golix, 60 percent above the global market price of $11,881. Globally, the cryptocurrency has already lost over 40 percent in value since December.
Cryptocurrencies fluctuate more wildly and other major digital currencies around the globe are crashing with Ripple, the third largest cryptocurrency dropping by as much as 25 percent and Ethereum by over 15 percent.
South Korea, one of the world’s largest cryptocurrency markets, is leading a clampdown on the digital currencies. Last week the police and tax authorities raided the local cryptocurrency exchanges in South Korea over alleged tax evasion.
A ban in cryptocurrency trading in South Korea will shake other cryptocurrency markets around the globe, experts say.