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South Korea promises crackdown on trading. What happened? Two weeks ago, a high-profile digital currency exchange in Seoul was hacked and went bankrupt.

The Asian country’s administration said it was planning a crackdown on trading in bitcoin. Right after the announcement, the cryptocurrency plunged by more than $1,000.

Let’s remember South Korea is one of the biggest markets in the world for bitcoin. The country’s administration said it was preparing a ban on opening anonymous cryptocurrency accounts and new legislation to let regulators to close bitcoin exchanges if they felt there was a need to do so.

In a new illustration of bitcoin’s volatility, it went down to around $13,500 after trading at about $15,400 yesterday. The cryptocurrency has surged in value this year by more than 900%, hitting a record high of almost $20,000 earlier this month.

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