The price of Bitcoin has plummeted by more than 9% after it emerged that South Korea is preparing a bill to ban the trade of virtual currencies in the country. Other cryptocurrency prices, including Ethereum and Ripple, have also dived following the news.
Ethereum, the second-largest cryptocurrency by market cap, saw its price drop by 5%. Ripple, the third-largest, was down 15 percent, according to Coindesk.