Latest News Update On South Korean Government and Bitcoin cryptocurrency

Latest News Update On South Korean Government and Bitcoin cryptocurrency

One view is that crypto markets have historically suffered similar dips around this time every year, which a Reddit user attributed to a combination of Chinese New Year and taxation strategies.

The primary driver of this rally is the market's general upswing, but several factors enabled XRP to outperform other top cryptocurrencies.

Bitcoin had touched a peak of nearly $20,000 in December - and indeed crossed over that threshold on some exchanges - but has since been roiled by several large selloffs.

Bitcoin Services is yet to issue any substantial news on what it is doing to grow its business around bitcoin and other cryptocurrencies. It is due time altcoins decouple themselves from Bitcoin's price once and for all, but that is much easier said than done these days.

Considering how fast Bitcoin ripped higher a year ago - roughly 2,000% - this recent fall, although chaotic, may be a good thing for the space. South Korea and China might be considered the motherland of digital currencies as the Eastern exchange platforms always have a great impact on altcoins trading price.

"Cryptocurrencies could be capped in the current quarter ahead of the G20 meeting in March, where policymakers could discuss tighter regulations", said Shuhei Fujise, chief analyst at Alt Design.

The blockchain entrepreneur Dan Novaes has predicted that day trader who are tempted by the bitcoin's plunge could "get slaughtered" if they invest all their assets into the cryptocurrency.

In the US, the lending and exchange platform for Bitconnect, a cryptocurrency that some have alleged is a scam, shut down on Tuesday, with the operators citing "bad press" and two cease-and-desist letters from regulators in Texas and North Carolina.

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Here's the latest on bitcoin and why its value has plummeted. Marc Singer, an adviser at Singer Xenos in Miami, noted bitcoin fell 93 percent in value over a five-month period in 2011.

Many financial pros believe bitcoin is in a speculative bubble that could crash any time. Specifically, South Korean regulators are looking to clamp down on cryptocurrency exchanges, with the nations Finance Minister Kim Dong-yeon reportedly suggesting that a ban on cryptocurrency trading is still very much a live option.

"This is the prerogative of the Central Bank at present and the Central Bank has sufficient authority so far". "People want to know that if they make a lot of money from bitcoin, they're going to be able to keep the money", Quaintance said.

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.

Later, XRP jumped more than 15 percent on January 11 despite a wider sell-off in the crypto market, after news emerged that U.S. money transfer giant MoneyGram struck a deal with Ripple to pilot its native currency XRP in MoneyGram payment flows. They watched as XRP mercilessly dropped from just over $3.60 on January 4 to yesterday's close encounter with $0.90.

Morgan put the kaibosh on the possibility of UK-listed Bitcoin futures, saying it was too soon for such products to be launched, despite the fact that CME has already launched Bitcoin futures in the United States.

The coins which didn't follow this pattern as clearly, such as NEO, Bitcoin Cash and NEM are well known for being popular in Asia, and the bulk of their traders might be running on a different clock.

"This is far from guaranteed given the existence of alternatives with better characteristics".

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