Sunday, 19 August, 2018


Bitcoin price tumbles after South Korea joins cryptocurrency crackdown

Cryptocurrency										Bitcoin falls due to new South Korean regulations Ripple surges Cryptocurrency Bitcoin falls due to new South Korean regulations Ripple surges
Bennie Garza | 31 December, 2017, 23:43

As a result, it has said that locally based exchanges are banned from issuing new trading accounts.

The South Korean government announced this morning that it wants to crack down on speculation in cryptocurrency trading in the country.

The Ministry of Justice has drafted a special cryptocurrency law and is considering the possibility of closing down exchanges involved in suspicious or illicit activities such as money laundering. A major issue Korean traders face are the discrepancies in prices which can be much higher on local exchanges than in other countries.

The selloff came as South Korea revealed it is taking several steps to combat speculation in cryptocurrencies.

Earlier this month, South Korean exchange Youbit filed for bankruptcy after is lost $45 million in a hack, as well as $92 million in another hack back in April.

While bitcoin's debut on regulated derivatives exchanges in Chicago was thought to have given it a new mainstream channel for investors to tap, so far trading volume has been limited. Exactly how and when this might happen wasn't made clear, but it was enough to affect bitcoin and Ethereum prices, which dropped 12 percent and 8 percent, respectively, in the wake of the news, though both digital currencies have recovered slightly.

As originally reported by Reuters, South Korean officials have taken yet another regulatory approach to temper crypto enthusiasm among its citizens.

Some might refer to Litecoin as the little brother of Bitcoin, but we like to think of it more as its own being, a P2P cryptocurrency that utilizes blockchain technology - which also took 2017 by storm - in order to maintain and control a public ledger easily. The majority of the market is probably paying the most attention to Bitcoin, which has taken the market by storm in 2017 but has seen itself into a slump recently after hitting an all-time high more than two weeks ago.

However, if history is any indication, this pain may only be short term. However, since then it continued to soar, hitting nearly 1400 percent growth for the year so far.

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