Bitcoin tumbles over exchange-closure fears


By Kyungii Chu and Eric Lam
Bloomberg News
Thursday, December 27, 2017

Bitcoin resumed its slide today, dipping below $14,000 as the cryptocurrency's dizzying drop from a record set 10 days ago intensified.

The latest blow to the world's biggest cryptocurrency came from South Korea, where the government said it was eyeing options for stamping out a frenzy of speculation, including a potential shutdown of at least some exchanges. ...

Bitcoin was trading at about a 30 percent premium over prevailing international rates today in Seoul, according to price data from local exchanges, a continuing sign of the country's obsession, and the difficulty in arbitraging between markets.

"Cryptocurrency speculation has been irrationally overheated in Korea," the government said in the statement, which comes little more than a week after the bankruptcy filing of one South Korean exchange. "The government can't leave the abnormal situation of speculation any longer." ...

... For the remainder of the report:


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