U.S. Markets closed

Say it Ain't Seoul: Bitcoin Falls on Possible Exchange Ban

The price of bitcoin took a dive on concerns of South Korea moving to ban cryptocurrency trading on exchanges. Bitcoin Investment Trust (GBTC) is down more than 5% this morning, but still trades at a premium to its net asset value. South Korea's presidential office said on Thursday that a ban has not been "finalized," though Justice Minister Park Sang Ki said earlier in the day that the government was putting a bill together to do just that. Reuters reported that police and tax authorities this week descended on Coinone and Bithumb, the largest crypto exchanges in South Korea, for alleged tax evasion.