The oldest and most valuable cryptocurrency, Bitcoin following a rapid rise to just wary of $20,000 per coin less than two months ago, Bitcoin falls below $10,000 for the first time since early December on both the Coinbase and Bittrex exchanges. The shutdown of virtual currency exchanges is still one of the options, the government has which is announced by South Korea Finance Minister Kim Dong yeon. China also reportedly plans to block which allow centralized trading, domestic access to Chinese and offshore cryptocurrency platforms.
According to Coin Market Cap nearly every cryptocurrency is down and most of by double digit percents. The crash seems driven by fear of materializing regulations from Germany, an increasing involvement by the SEC and stricter laws in South Korea.
The government of South Korea is now working on a bill. The bill effectively limit digital currency trade amid fears that speculative prices are a dangerous risk to investors. Trade of cryptocurrencies is already banned in Chaina and Russia is also considering with a similar idea. But yet Korea’s plans still need to be passed through Government for approval and have not been finalised. The trade volume in South Korea and Japan has seen steady decline over the past days according to an analyst at trading platform,
Cryptocurrency were off to a pretty explosive start this year, but the entire digital currency market cracking down on exchange by the reports of South Korean regulators as About 5 percent of all BTC traded for the Korean Won so South Korea is a major market for bitcoin trade
The price chart of BITCOIN
UK managing director, Iqbal Gandhi at eToro said that The market is correcting off the back of news about that China is moving to crack down on cryptocurrency trading. The Chinese investors are likely spooked having heard about the news and the market is on edge as a result.