Bitcoin price skids after South Korea suggests crackdown

Compartir

The leading cryptocurrency and many of its rivals have declined at an alarming rate today.

Following a small pullback in late December, most cryptocurrencies pushed ahead with renewed vigor in 2018, at least temporarily allaying fears of skeptics.

"Only when the tide goes out do you discover who has been swimming naked", stock market guru Warren Buffett once observed and it looks like the cryptocurrency tide has definitely receded in the last 24 hours with the market showing double digit percentage losses right across the board.

Coinbase, like many cryptocurrency exchanges and even like many digital currencies themselves, has been overwhelmed by new interest in digital currencies, particularly in the last few months. The other majors are in the red as well, by double digits - with the exception of NEO which is only down by 9.24 percent. Only three cryptocurrencies in Coinmarketcap's top 100-Tether, Ethos, and Neblio-are in the green. Chinese and South Korean Governments are going to have a huge impact on not just the current price of cryptocurrencies, but also what neighbouring governments might decide to do. It uses cryptography techniques to ensure secure transactions and control the creation of new units.

According to The International Business Times, bitcoin retirement funds have seen explosive growth recently.

Detuvieron a toda la cúpula de la UOCRA de Bahía Blanca
En esa misma dirección, consideró que "Hablamos de asociación ilícita porque no se trató de un hecho aislado". Según informo la Policía, durante los operativos se secuestró dinero en bolsas, documentación y drogas .

Bitcoin is going insane. China is also reportedly driving out Bitcoin miners, a group estimated to produce two-thirds of the world's Bitcoin supply. The presidential office then said that no final decision had been made.

However, despite these actions, China remains a honeypot for cryptocurrency trading - especially Bitcoin. Finance Minister Kim Dong-yeon told Korean radio station TBS that banning digital currency trading in the country was a "live option".

"Explaining moves in bitcoin is always tricky but this plunge back to the December 22nd low may well be a result of recent signs that regulatory pressures are building", Wilson said in a note.

A new correction is taking place in the crypto market, after South Korea and China indicated that they could introduce new regulations to crack down on investments and centralized trading, respectively.

Compartir