Published: Fri, January 12, 2018
Industry | By Johnnie Johnson

'Overheated' Cryptocurrency Market Impetus for Future S Korean Ban on Trading

'Overheated' Cryptocurrency Market Impetus for Future S Korean Ban on Trading

The country is home to the third-largest trading volume in bitcoin. As the world's third largest digital currency, high demand has seen South Korean traders paying premiums of more than 40% over worldwide rates for Bitcoin.

"Keen traders, especially hackers, will find it tough to cash out their gains from virtual coin investments in Korea but they can go overseas, for example Japan", Mun said. The cryptoccurrency is still up more than 1,500% over the past 12 months. The value dropped by more than 10 percent in Luxembourg-based exchange, Bitstamp.

Bitcoin: South Korea flags ban on cryptocurrency trading, sending prices plummeting

South Korea is one of the biggest markets for #cryptocurrency, specifically #Ethereum and #Bitcoin.

After the news was confirmed, South Korean cryptocurrency prices plunged by around 21 per cent.

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South Korea is a major trading hub for cryptocurrency, and with most of the supply of Bitcoin coming from miners in Asia, the ban may have greater ramifications than if it was carried out elsewhere.

Local prices for cryptocurrencies are typically about 30 percent higher than those in global markets, with financial authorities warning that a rush of speculative investment into virtual currency is fuelling a surge in prices. Money for industrial growth is being leaked to virtual money trading. Industry data provider CoinMarketCap has even begun excluding some South Korean exchanges in its calculations "due to extreme divergence in prices from the rest of the world".

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It's easy to see how the statement that caused this mess was misconstrued. "Others feel that regulators are only tightening enforcement" on a process that in any event can move to other countries without threatening bitcoin's future. China is already looking to curb bitcoin mining and others may follow. He believes on hand currencies are in a better position to work with blockchain technology compared to the cryptocurrencies. Futures allow investors to make bets on what bitcoin's price will do in the coming months and they are traded in many kinds of commodities including crude oil, wheat and copper.

Yet getting more regulation is also a sign of maturity. The Silk Road's creator, Ross Ulbricht, is now serving a life sentence in prison without parole; it is this side of bitcoin which has earned it a reputation and created an uneasy relationship with regulators the world over. In addition, given the big, bubbly jumps in some coins, corrections like these are necessary in order for the long-term rises to continue and not to crash.

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Ripple will need to hold on to $1.6 levels to avoid falling through to sub-$1.4 levels, with the only cryptocurrency seemingly able to handle the current pressure being Ethereum that is down just 0.56% to $1,240 at the time of writing.

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