Crypto Restrictions Tightened in China

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"It's mainly been regulatory issues which are haunting (bitcoin), with news around South Korea's further crackdown on trading the driver today", said Think Markets chief strategist Naeem Aslam, who holds what he described as "substantial" amounts of bitcoin, Ethereum and Ripple.

The government on Monday announced that it will respect market forces and allow cryptocurrency exchanges to continue to operate - but will crack down on any illegalities.

As per the South Korean news agency Yonhap, revealed that, "The proposed ban of crypto exchanges which the Korean justice minister now mentioned is one of the measures assigned by the justice minister to limit speculation".

South Korea's finance minister Kim Dong-yeon said banning trading in digital currencies is "a live option".

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According to CoinMarketCap, Bitcoin price has dropped under $12,000, below its December lows.

Additionally, the same report stated that many financial related companies and government agencies were circulating employee requirements not to trade in cryptocurrencies.

The South Korean government vowed Monday to keep pushing for real-name transactions and to deal sternly with illegal acts involving cryptocurrency trading. Ethereum was trading at $1,090, down more than 18 percent in the last 24 hours; while ripple fell by nearly 26 percent to $1.37 per token.

A governmentwide decision will be made in the future after sufficient consultation and coordination of opinions.

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"We should expect a great deal of diversity in the way regulators will deal with cryptocurrency trading". As a result, investors are unlikely to get any money back if something goes wrong.

The world's most valuable and famous cryptocurrency has had a miserable year so far, dropping from an incredible high of nearly $20,000 before Christmas. CoinDesk's bitcoin price index tracks prices from cryptocurrency exchanges Bitstamp, Coinbase, itBit and Bitfinex.

Once a global hub for bitcoin trading and mining, China accounted for more than two-thirds of the world's bitcoin-mining operations.

Bitcoin has been under the radar ever since the start of the years; its prices managed to peak at the $20,000 mark but faltered after due to massive conundrums in the market.

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