Bitcoin appeared to find a bottom on Friday, rebounding above US$14 000 after moves by South Korea to curb speculation and protect retail customers sent the cryptocurrency sliding yesterday.
After Japan, South Korea is the most dominant Asian country in cryptocurrency trading and accounts for more than a fifth of average global trading volumes.
Bitcoin climbed as much as 8.3 percent tin Asian trading, before dropping back to trade 1.9 percent higher at $14,211 at 8:21 a.m.in NY, composite Bloomberg pricing showed.
As a part of this crackdown, South Korean regulators will close down anonymous accounts next month.
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Despite the extended fall, the Korean price was still nearly 30 percent higher than global prices, which local traders call "Kimchi Premium" mocking the speculative fever of the market that makes up more than a fifth of global trading. Before this correction, Bitcoin had managed to recover from a major correction last Friday when the cryptocurrency corrected to more than 40% going below $12000. TechCrunch previously reported that the Kim Jong Un regime may be using cryptocurrency trading as a side business for the Kim family.
"Cryptocurrency speculation has been irrationally overheated in Korea", the South Korean government said in a statement reported by Bloomberg. Speculation remains at the heart of the problem, though, with government officials saying in a statement, "The government can't let this abnormal situation of speculation go on any longer".
"We will continue to monitor speculative trading in cryptocurrencies and look for responses considering all options including calls to shut down exchanges", Hong added. "It is possible that some might be scams but even with those, the prices will rise at least in the middle of their life cycles so that there will be a chance to make money from trading them".
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