South Korea Sways Cryptocurrency Prices - But How?
South Korea Sways Cryptocurrency Prices - But How?
Crypto-crash? Virtual currencies such as bitcoin and ethereum take double-digit falls amid fears that South Korea and China may crackdown on them
19 January, 2018, 01:54
"You have more regulatory uncertainty. and because of these falls, you have these other fallouts", he said, referring to the collapse of some cryptocurrencies in the recent slump in prices.
The last time bitcoin fell below the $10,000 mark was November 30.
With South Korea being the third biggest market for bitcoin, the regulatory plans have caused some investors to sell in anticipation of further share price drops.
"The shutdown of virtual currency exchanges is still one of the options (that the government has)". Such a ban would require a majority vote from the country's National Assembly, which the Evening Standard reports could take months or possibly years.
Many people who jumped into virtual currency trading market more recently are suffering financially just as the government proposes measures at regulation.
According to analysts, the fall of bitcoin is explained in particular by the indications of a hardening of the authorities with regard to crypto-currencies, in particular in South Korea and in China.
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Countries considering a crackdown on cryptocurrencies include China, Japan and South Korea, whose finance minister Kim Dong-yeon confirmed that they were considering shutting down domestic exchanges.
Cryptocurrencies enjoyed a bumper year in 2017 as mainstream investors entered the market, and as an explosion in so-called initial coin offerings (ICOs) - digital, token-based fundraising rounds - drove demand.
Bitcoin skidded a further 12% on Wednesday, marking an nearly halving in value from its peak price, with investors spooked by fears regulators could clamp down on the volatile cryptocurrency that skyrocketed past year.
Cryptocurrencies like Ethereum, Monero, Ripple, and Litecoin all plummeted in value - with most falling more than Bitcoin before recovering. For example, Ripple declines by 26%, Monero dropped by 22%, and Ethereum lost 22% of its value.
South Korea is considering a new law that would outlaw cryptocurrency exchanges in a bid to quell speculative frenzy and criminal transactions.
The depreciation of the cryptocurrency with largest market value continues, against the backdrop of the increasing intentions of regulators around the world to introduce rules to curb the growth of the cryptocurrency industry.
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