Bitcoin resumed its slide Thursday, 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 fell as much as 9 percent to $13,828 overnight, erasing modest gains after the South Korean release, composite Bloomberg pricing shows.
The cryptocurrency fluctuated near $14,000 as of 9:20 a.m. on Thursday in New York. It’s now down 28 percent from the record $19,511 it reached on Dec. 18.
What Your Peers Are Reading
Bitcoin’s plunge comes after futures contracts started trading on CME Group’s exchange, giving investors new ways to bet on the digital coin’s price moves.
The news from South Korea unnerved traders because the country has been ground zero for a global surge in interest in bitcoin as its rally this year reached 1,600 percent, prompting the nation’s prime minister to worry over the impact on Korean youth.