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Bitcoin becomes cheaper after the news from China and South Korea

The bitcoin price dropped below the $10,000 point, although it was near $20,000 a month and a half ago. The reason for the cryptocurrency market falling were the reports from South Korea about the intention of the local government to prohibit cryptocurrency exchanges.

Later, government officials said that it was impossible to completely block cryptocurrency trading in the country. So, they have decided to resort to another regulation measure. The government of South Korea has obliged cryptocurrency exchanges to provide banks with personal information of its customers. Otherwise, transactions involving digital currencies will not be confirmed.

Alarming news for cryptocurrency investors also comes from China. Chinese authorities intend to block any mobile applications and online services that have signs of cryptocurrency exchanges. With their help, local traders conducted operations with cryptocurrencies after the ban on crypto-exchanges in the country. In addition, Beijing announced that it will actively fight the financial pyramids including cryptocurrencies.