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*
I agree to this. The market is no doubt volatile and south korea has either nothing or something to do with the current price of Bitcoin. But I think the main problem here is that FOMO is depleting, the hype has gone down, and some of those who got into the Bitcoin train know nothing about Bitcoin, that's why they are panic selling. I think it is a good thing because it cuts out those who are weak.