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| Bitcoin / Yonhap |
By Jung Min-ho
Bitcoin, the world's most widely traded cryptocurrency, fell below 8 million won ($7,300) in Korea on Tuesday.
According to Upbit, one of the largest local cryptocurrency exchanges, as of 9 a.m., bitcoin had dropped to 7.9 million won from 8.4 million won at midnight.
The plunge came after Chinese media reports that authorities would increase efforts to restrict cryptocurrency trading there, especially attempts to move the cryptocurrency overseas following Beijing's ban on initial offerings in September.
U.S. media also reported that bitcoin briefly fell below $7,000 to its lowest in more than two months. It dropped 19.58 percent, to a low of $6,583.56, its lowest since Nov. 14, according to CoinDesk.
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