Bitcoin drops again

BITCOIN dropped again in trading yesterday as South Korea unveiled a trading crackdown – following fears a vast bubble has developed which could ruin speculators.

The online currency surged from under $1,000 a year ago to almost $20,000 this month. Many buyers could lose their life savings if it crashes.

Korean investors have had a key role in driving the boom but yesterday authorities said they will shut exchanges if asked to do so by the justice ministry. Bitcoin was worth $14,228.18 at the time of going to press, down 7.5pc on the day.