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Wednesday, October 22, 2025

18 Percent Drop in Bitcoin Over Fears of Ban in South Korea

Bitcoin has tumbled 18 percent after reports that a ban on trading of cryptocurrencies in South Korea was still an option drove fears grew of a wider regulatory crackdown. Bitcoin’s slide triggered a massive selloff across the broader cryptocurrency market, with biggest rival Ethereum falling 23 percent while the next-biggest, Ripple, plunging 33 percent.

The sudden plunge of the cryptocurrencies began when 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.

Earlier this week, South Korea had said that its plans to ban virtual coin exchanges had not yet been finalised, as government agencies were still in talks to decide how to regulate the market.

The latest tumble leaves Bitcoin down more than 40 percent from the record high around $20,000 it reached in mid-December.

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