Bitcoin price: Why is Bitcoin falling TODAY? | Express.co.uk

THE bitcoin price has plunged amid a massive sell-off prompted by mounting fears of a trading ban in South Korea. But why is bitcoin falling so much today?

Bitcoin, Ripple, ethereum and other cryptocurrencies are falling today after uncertainty over crypto trading in South Korea triggered a panic sell-off of the virtual currencies.Bitcoin’s BTC token plunged more than $1,000 (£725.90) between 7.14am and 8.34am, hitting rock bottom at $12,208 (£8,857) – its lowest price so far this month.

Cryptocurrencies were off to a pretty volatile start this year, but reports of South Korean regulators cracking down on exchanges shook the entire digital currency market.

Earlier on Tuesday, Finance Minister Kim Dong-yeon reiterated that a ban on crypto trading is still very much a “live option”.

Another senior official Jung Ki-joon said: “We will respond strongly to cryptocurrency speculation and illegal acts, but we will provide support to research and development relating to blockchain technology.“The proposed shutdown of exchanges that the justice minister mentioned recently is one of the measures suggested by the justice ministry to curb speculation.”

Cryptocurrency trading in South Korea is highly speculative, more so than the rest of the world, at times trading with 30 to 40 percent premiums.

Crypto tokens were plunged into another crash last week when crypto tracker CoinMarketCap decided to pull Korean exchanges from its valuations. The move saw Ripple’s XRP token fall up to 30 percent.