Bitcoin Prices Plummet as South Korea Considers Cryptocurrency Ban

A potential ban on cryptocurrency trading in South Korea has caused the market to tank.

Image via Getty/Chesnot

The trading of cryptocurrency seems to have taken the world by storm and while it has surged in popularity, its run might be coming to a close sooner than expected. The "currency of the future" has created a vast amount of "investors" who think tossing some cash into Bitcoin is their get rich quick scheme, but it also has showed off its fair share of flaws. In the latest turn of events sure to get a ton of Wall Street wannabes upset, prices of Bitcoin and cryptocurrency have dropped significantly due to a potential ban in South Korea, according to The Independent.

Prices for various cryptos are tanking. Some have dropped as much as 10 percent. The most well-known, Bitcoin, is now below $12,000. That is its lowest price since December 2017. Not even a week ago, the price was at around $20,000. These low prices come as a direct effect of South Korea's impending ban on the currency. 200,000 people have even signed a petition in an effort to keep trading legal.


Despite the potential for it, an outright ban would require a majority vote of the 297 members of the country’s National Assembly, which could take years, according to Evening Standard.

While Bitcoin has become a popularly traded currency, the unregulated market is far from stable and can be easily manipulated. Even events centered around the popular virtual currency are weary of the potential inconvenience. Recently, North American Bitcoin Conference even stopped accepting Bitcoin payment for tickets, a highly ironic move to say the least. 

Regardless of the unstable market value of cryptocurrency, companies like Kodak and Hooters have embraced the future. So have our friends north of the border in Canada, where Bitcoin is legal tender. For the sake of the thousands who have taken the plunge into the world of virtual currency and sank significant funds into the endeavor, let's hope this stuff doesn't completely bottom out into oblivion. 

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