whether the cause of this is happening, is it something to do with the decision of the south korea government?
I think that price of bitcoin is linked to such things, as they often cause panic among bitcoin holders.
If you are to look at it, South Korea is just a small market. It may or may not affect Bitcoin's rate (Who knew) but we are fully aware that this industry is volatile, The dropping of rates is normal but for Bitcoin, it's quite alarming. At what I see, Some users are panicking that's why they tend to sell their coins to avoid losing much more that causes the dropping of the rates. Hence, It wasn't a good start for Bitcoin this year but let's see how far will the drop go or will Bitcoin's rates rise and make another history.
*Let's hope for the best, Be patient and don't panic*