South Korea considers shutting down domestic cryptocurrency exchanges

Jan 21, 2018, 00:11
South Korea considers shutting down domestic cryptocurrency exchanges

Bitcoin fell as low as $9,199.59 on Wednesday morning, but bounced back to $11,218.84 as of Thursday at 5:40 a.m. ET, according to CoinDesk, which tracks prices from cryptocurrency exchanges including Bitstamp, Coinbase, itBit and Bitfinex.

While South Korea and China are not the first countries to display concern over how cryptocurrencies may be involved in activities which are detrimental to the economy and the environment, South Korea remains one of the world's biggest markets for Bitcoin and its fellow digital coins, providing near-term headwinds to any sort of accelerated rally.

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But analysts have warned bitcoin needed solid buying support soon.

South Korea has become the surprise battle ground for the future of Bitcoin, after authorities announced plans to crackdown on cryptocurrency trading. But it has drawn huge interest from traders, and its price has soared over the past year, and has also had several sharp drops. According to CoinMarketCap data, was trading at $1,051.83, down more than 20 percent in the last 24 hours, before lifting slightly to $1,117.72. fell nearly 27 percent to $1.33 a token before recovering slightly to $1.36.

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His comments came after the world's most popular virtual currency, bitcoin, slid 18 per cent on Wednesday on reports suggesting South Korea could ban trading of cryptocurrencies.

Ethereum fell nine per cent to $993 Wednesday, according to Coindesk. Its current price is still roughly double where it was in November, and down sharply from its recent peak of $1,329 on January 10.

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This week, China was said to be stepping up his efforts to curtail bitcoin trading, and was said to be looking to block access to mobile and online apps and sites that offer exchange services in digital currencies. Bitcoin approached its record as it launched on futures exchanges in the United States. Earlier they hit their lowest levels since trading began last month. Its value is tied only to what people believe it is worth at any given time.