Cryptocurrency markets are tanking after news of shutdown in South Korea

Business Insider | 1/10/2018 | Frank Chaparro
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News of a bitcoin crackdown in South Korea sent the market for digital coins into a tailspin Thursday morning.

Reuters reported a day earlier that South Korea had a bill in the works to shut crypto trading.

Bitcoin - Cryptocurrency - % - Time - Print

Bitcoin, the largest cryptocurrency, was trading down more than 11% at the time of print.

The market for digital coins was under intense pressure Thursday morning amid reports that South Korea had a bill in the works to ban cryptocurrency trading.

South - Korea - Justice - Minister - Thursday

"South Korea's justice minister said on Thursday the ministry is preparing a bill to ban cryptocurrency trading through its exchanges," Reuters reported.

That news was on the heels of a report that authorities were raiding cryptocurrency exchanges in the country.

Officials - National - Tax - Service - Office

“A few officials from the National Tax Service raided our office this week,” an representative of Coinone, a South Korean crypto exchange, told Reuters.

According to the Reuters report, South Korean authorities also were looking into Bithumb, another cryptocurrency exchange.

Time - Print - Bitcoin - % - Coin

At the time of print, bitcoin was trading down more than 9% at $13,458 a coin, according to data from Markets Insider. At one point, the entire cryptocurrency market was down more than $100 billion at $636 billion. It hit an all-time high of $830 billion earlier this month, according to data from CoinMarketCap.

Still, some cryptocurrency enthusiasts saw the move as a positive for the market.

Government - Stance - Exchanges - China

"If the Korean government takes a similarly aggressive stance to crypto exchanges as was taken in China, then we can likely expect to see...
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