Cryptocurrencies dip after caution from Buffett and South Korea
Hong Kong — Bitcoin slumped to its lowest level since Christmas day as South Korea’s justice minister reiterated his proposal to ban local cryptocurrency exchanges, fuelling concern a state crackdown will erode demand for digital coins in one of the world’s biggest markets. The minister’s comments to reporters on Thursday were later downplayed by a spokesman for President Moon Jae-in, who said the proposal is one among several and that nothing has been finalised. Korea’s government unveiled multiple options for cryptocurrency exchange regulation on December 28, including allowing trading to continue under tighter supervision. Governments around the world are increasing scrutiny of cryptocurrencies as soaring prices attract everyone from home-based investors to Wall Street banks. Korea emerged as something of a ground zero for the speculative mania, playing host to several of the world’s most active exchanges. Bitcoin prices in the country are persistently higher than those in the US...
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