It is noteworthy that bitcoin price had fallen 18% to trade below $10,000 on January 17 on concerns regarding South Korea planning to ban cryptocurrency. The price level was nearly half of its peak value ($19,666) it had achieved on December 17 last year.
The virtual currency market (including bitcoin, ethereum, ripple, litecoin) across the world was rattled on Wednesday, leaving the cryptocurrency down by close to half from its peak hit last month..
South Korean news website Yonhap reported that Finance Minister Kim Dong-yeon had told a local radio station that the government would be coming up with a set of measures to clamp down on the "irrational" cryptocurrency investment craze. Notwithstanding the quantum of fall, this is not the first time that reports from South Korea rattled the bitcoin markets.
On January 11, the country's justice minister Park Sang-ki had announced that the Asian country, boasting of a significant chunk of bitcoin traders, was planning to draft Bill that seeks to close cryptocurrency trading.
In Indian cryptocurrenct (that includes bitcoins, and other digital currencies ) market, a bitcoin is priced at Rs 8,49,996, while the bitcoin selling price is Rs 8,25,000 on coinsecure.