It was said that the world was getting cold when America sneezed.
But in the flourishing world of cryptocurrency trading, news from countries other than the United States has the potential to cause disaster.
The prices of four major crypto curves have fallen after a bulletin on one of the world's largest crypto markets.
Yesterday, the South Korean government announced plans to ban crypto trade.
The news sent Bitcoin prices freely and threw the virtual currency market into turmoil, as the country's police and tax authorities razed local exchanges to investigate claims of tax evasion.
The price of Ripple and LiteCoin also fell in line with the news, and even Ethereum's apparent inconvenient increase was shortly discontinued, even though the price seems to recover.
Why is the price of Bitcoin, Ripple, Litecoin, Ethereum and other cryptocurrenciesfalling?
The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year.
Justice minister Park Sang-ki said the government is preparing a bill to ban trading of the virtual currency on domestic exchanges.
‘There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,’ said Park.
A press official said the proposed ban on cryptocurrency trading was announced after ‘enough discussion’ with other government agencies including the nation’s finance ministry and financial regulators.
Read more: metro.co.uk
Every time something happens with crypto exchanges around the world the prices fall. It seems that the health of the crypto world is firmly dependent on the health of the exchanges.
Agree, but it’s good for us buyers, we need some bump’s so we can buy more
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Market might might move over to Japan. They are regulating their exchanges which might even attract people who wouldn't buy crypto in the first place. But stability and safety is what many investors like, and the government too has some new assets they can tax. Win Win??
Yea it's possible for sure
Wow ... I missed this news.
Why does the Chinese government want to ban crypto currency?
its amazing right, china and korea markets are the largest in crypto currency trading i guess thats why any negative news concerning those markets the have that much impact on coin prices
This ban will not last long: China has taken the same steps as South Korea last summer results: Bitcoin price dropped from 5000 to 3000 dollars. Can you tell me what its value is right now?!!! Whether we like it or not, the cryptoccurency will be in place in the future
Agree, this is just a small dump
STEEM went down for the same reason? Will it go up again?
Thank you for sharing this!This news from South Korea created a bad impact in the crypto world. I hope this end soon. What do think we should do @tradewonk ?
This kind of news will always come, but they can't prevent that's is the future :-)
It is a test of faith and also an opportunity to invest (buy crypto). I am not expecting the government or central banks to be in support of crypto currencies because turkeys dont vote for christmas but thier hatred for christmas doesnt stop christmas.... Crypto is the future. Dont panic
Agree
apparently the media misquoted somebody and there was never a total ban on crypto exchanges mentioned - that's teh news that came later.. Doesn't mind.. the dip was enough for the wiser men to buy into..
Agree
They won't ban exchanges in South Korea but they will implement some sort of regulations. Just a way to try and have some control over the market. Just another day on the rollercoaster journey we've all purchased a ticket to ride.
Same thoughts
The same is also going on in India. Goverment is not accepting crypto currency and lots of raids happened on many investors
Bad news for the cryptocurrency
I think more countries will initiate regulations from now on
Bad news.Thanks for sharing it
I have been wondering about what could be responsible for the falling of bitcoin price like this even though more people are getting to know it more and more until i red your post .thanks for this great information.i will stay tune to tap from your wisdom as usual.
Market cap has gone up significantly over the past weeks, making it more sensitive to bad news. A correction was to be expected. Overall the trend is still up.
this is very bad news for cryptocurrency....i love and like cryptocurrency..i want change this price
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I don't think we should be worrying now, this is exactly the time to buy everything we've always wanted to! Buy or HODL through the dip. That's what I've been following. People will finally understand that the government can't do much if the people don't want them to.
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