I think the market right now is reacting to the crackdown in South Korea. If the hype surrounding South Korea's intention to ban crypto trading is just that, hype, then the market will bounce back big time. My prediction is that South Korea will eventually regulate the market, rather than wipe it out completely.
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The change in tone seems odd from where they were a few weeks ago. However, I also thought the same about China and they came out and outright banned everything...
Let's hope South Korea doesn't follow in China's footsteps. But I do think China will get back in, once they sort out how they can regulate it because that's the communist way. South Korea is also a bit of a dictatorship so they also need to figure out how to regulate the market. Both of these countries are at the forefront of technological uptake so I can't see them opting out of the crypto world long term.