Bitcoin falls after threat of ban from South Korea

CoinMarketCap excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity on January 8
Bitcoin Struggles as South Korean Ban Pushes Forward
Author

12 January, 2018

There was a seismic reaction from the cryptocurrency market to news that the South Korean government is preparing a bill to ban local cryptocurrency exchanges sending major coins: Bitcoin, Ethereum, Ripple and Litecoin tumbling earlier on Thursday before paring those losses.

S. Korea is working on a bill that may ban trading of cryptocurrencies.

Authorities had "grave concerns" over the craze and were "aiming to close virtual currency exchanges" in the country, he said.

'South Korea has always had a premium because it's very hard to get cash out of the country, ' said Dwyer.

South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin, Etherrum, and XRP.

A series of measures have failed to curb overheated virtual currency speculation in the country and Mr Park said it would be "devastating if the bubble bursts".

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CMC, however, sent out an official Tweet on Monday, citing "extreme divergence in prices from the rest of the world and limited arbitrage opportunity" as the main reason behind dropping Korean exchanges from their index.

Cryptocurrencies rapidly reversed course, with bitcoin climbing back to trade just 6.5 per cent down, and ethereum off 12 per cent.

In the meantime, the global price of Ethereum dropped 1.6 percent at a similar time, drawing a stark contrast with the 6.1 percent price increase in South Korea, according to Bithumb's analysis based on data from website CoinMarketCap. "We have nothing further to say at this moment", she told AFP.

Additionally, South Korea's Financial Services Commission has been conducting onsite inspections of six local banks that offer cryptocurrency-related account services.

CoinMarketCap, which did not announce the change and did not respond to a request for comment, now shows 7,556 reporting markets for its 1,386 displayed cryptocurrencies on its website.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%.


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