Korea's ban on crypto trading drives prices down

Posted 11 January, 2018

The cryptocurrency market has been hit by a plunge in price for the key digital coins, including bitcoin, Ripple, and Ethereum driven by reports about a possible ban on crypto trading in South Korea.

The leading cryptocurrency, bitcoin, changed hands on the Bitfinex at $13,410.00. The previous session bottom was reached at $13.339.00. As a result, its market value fell to $230 billion.

The top-2 coin Ethereum slumped to the session's bottom at $1,100.00 on the Bitfinex with further recovery to $1,203.50.

The observed collapse was caused by the statement of South Korea's minister that Seoul is working on the ruling to block local digital coin trading. For reference, South Korea is in the list of the major crypto markets (in particular, bitcoin and Ethereum).

With overly speculative trading in South Korea, cryptocurrencies on Korea's exchanges are quoted well above the price on other platforms in the world.

As it was reported, Korea's law enforcement forces and tax authorities had raided a number of local banks that allow opening digital coin accounts. Higher use of such assets rises concerns among the officials as it can become a crime booster.

Another driver for cryptocurrencies selloff was reports about Beijing's intentions to limit power supply to miners.  

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