Published: Wed, January 17, 2018
Hi-Tech | By Grace Becker

South Korea split over cryptocurrency measures

South Korea split over cryptocurrency measures

South Korea's financial authorities have been stepping up monitoring of cryptocurrency trades amid concerns that a bubble may be set to burst. He added that shutting down the exchanges was "a live option but government ministries need to very seriously review it".

Bitcoin opened today at $13,500 and reached a daily high of around $13,600 before hitting a daily low of $11,850. The reasoning for the delisting was because that cryptos were trading for a premium on those exchanges.

The Chinese government has been working hard to discourage the use of cryptocurrencies such as bitcoin and ethereum and the latest efforts have been aimed at discouraging cryptocurrency mining.

Bitcoin has been steadily dropping in value over the past few weeks, a surprising contrast to the tremendous growth it saw a year ago. Until the South Korean government makes a final decision on its stance, cryptocurrency markets are likely to keep falling as traders sell in anticipation of market closure.

The report by Bloomberg caused a massive sell off and decline in prices of bitcoin, ethereum, ripple and nearly all other cryptocurrencies out there being actively traded on cryptocurrency exchanges.

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In 2017, China had already authorized local cryptocurrency exchanges to close their businesses and banned ICOs.

Lukman Otunuga, research analyst at FXTM forex forecaster, also blamed the market jitters on the political regulatory backdrop surrounding the sector, which topped $600 billion in market capitalisation in mid-December.

"We interviewed our first cryptocurrency victims towards the end of past year who wanted to go under debt review because they were no longer able to adequately service their debt", said Roets.

The Chinese government now plans to block domestic access to homegrown and offshore platforms that enable centralized trading, Bloomberg reported, quoting people familiar with the matter. As of this writing bitcoin is trading at just over $12,000 (global average).

Even as market participants were breathing easy, the cryptocurrency universe experienced a setback, with a lot of them seeing a sharp pullback today.

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