Bitcoin falls after Seoul mulls new rules to regulate its trading

Bitcoin fell over $1,000 on Thursday after South Korea, its major hub, said it was planning new rules to regulate trade in the digital currency. It may also shut some of the bitcoin exchanges. Bitcoin dropped to $13,500 after trading at about $15,400 on Wednesday. It had touched almost $20,000 earlier this month. The Seoul government believes that virtual coins cannot play a role as actual currency and could result in high losses due to their excessive volatility. The move to crack down on bitcoin trading comes days after a bitcoin currency exchange in Seoul was hacked and went bankrupt.