Bitcoin dives as South Korea moves to ban cryptocurrency trade!
 

Bitcoin dives as South Korea moves to ban cryptocurrency trade!

SEOUL ? South Korea?s government said on Thursday it plans to ban cryptocurrency trading, sending bitcoin prices plummeting and throwing the virtual coin market into turmoil as the nation?s police and tax authorities raided local exchanges on alleged tax evasion.

The clampdown in South Korea, a crucial source of global demand for cryptocurrency, came as policymakers around the world struggled to regulate an asset whose value has skyrocketed over the last year.

Justice minister Park Sang-ki said the government was preparing a bill to ban trading of the virtual currency on domestic exchanges.

?There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,? Park told a news conference, according to the ministry?s press office.

After the market?s sharp reaction to the announcement, the nation?s Presidential office hours later said a ban on the country?s virtual coin exchanges had not yet been finalised while it was one of the measures being considered.

A press official at the justice ministry said the proposed ban on cryptocurrency trading was announced after ?enough discussion? with other government agencies, including the nation?s finance ministry and financial regulators.

Once a bill is drafted, legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.

The government?s tough stance triggered a selloff of the cryptocurrency on both local and offshore exchanges.

The local price of bitcoin plunged as much as 21 percent in midday trade to $18.3 million won after the minister?s comments. It still trades at around a 30 percent premium compared to other countries.

Bitcoin was down more than 10 percent on the Luxembourg-based Bitstamp at $13,199, after earlier dropping as low as $13,120, its weakest since Jan. 2.

South Korea?s cryptocurrency-related shares were also hammered. Vidente and Omnitel, which are stakeholders of Bithumb, skidded by the daily trading limit of 30 percent each.

Once enforced, South Korea?s ban ?will make trading difficult here, but not impossible,? said Mun Chong-hyun, chief analyst at EST Security.

?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.

Park Nok-sun, a cryptocurrency analyst at NH Investment & Securities, said the herd behaviour in South Korea?s virtual coin market has raised concerns.

Indeed, bitcoin?s 1,500 percent surge last year has stoked huge demand for cryptocurency in South Korea, drawing college students to housewives and sparking worries of a gambling addiction.

Litecoin??

fake news

Lol BTC sitting at 13K is plummeting brah? Get real.

Overall my portfolio dropped 1.59% in the last 24 hours and that's only cause I've been too lazy to trade. My PS4 had a hold of me today. Damn you Mass Effect!

Bitcoin Plunges as South Korea Crafts Cryptocurrency Crackdown | The Wall Street Journal

A top official from South Korea said the government is preparing a bill to ban the trading of cryptocurrencies on exchanges, stepping up its efforts to curb speculation.

The remarks from Minister of Justice Park Sang-ki came just days after the country?s financial regulator started inspecting some of South Korea?s largest financial institutions that help facilitate digital-currency trading. Bitcoin prices tumbled as much as 13.7%

Bitcoin tumbles on reports South Korea will ban all cryptocurrency trading | MarketCrunch

Meanwhile, two of South Korea?s biggest exchanges, Coinone and Bithumb, were raided by police and tax authorities this week, according to the Reuters report.

Thursday marked a volatile day of trading in the digital currency space, with bitcoin under pressure, and Ripple and Ether coins suffering losses, after reports that South Korea plans to ban all cryptocurrency trading.

The bitcoin spot price BTCUSD-4.02% was recently down 7.9% to $13,713.85, having tapped an intraday low of $12,845.71, according to CoinDesk data. Those levels haven?t been seen since late December, and the cryptocurrency remains well below a recent all-time high above $19,000 hit in mid-December.

Bitcoin futures for January BTCF8-2.77% on the CME dropped 5% to $13,720, and on the Cboe, bitcoin futures XBTF8-2.73% saw a similar drop to $13,700.

Among other cryptocurrencies, Ripple sank 9.2% to $1.73, while Ether coins on the Ethereum blockchain slid 11.5% to $1,193.37, according to CoinMarketCap.com data.

?There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,? South Korea?s Minister of Justice Park Sang-Ki said at a news conference Thursday, according to the ministry?s office, Reuters reported.

The decision was made after discussions with the country?s finance ministry and regulators, the report said. But even if a bill is drafted, the process of getting the votes needed to approve it could be lengthy and could even take years.

I just got off the phone with the s.korean and n.korean leaders and I can confirm this...

What about it?

South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify

https://www.forbes.com/sites/pamelaa...s-clarify/amp/

:1orglaugh:1orglaugh:thumbsup

Sad but true :2 cents:

Seriously?

Oh wait. Up 5% now. Yea what a terrible crash!!!

confirmed, just spoke with one of the advisors of Moon Jae-In
:thumbsup:thumbsup:thumbsup:thumbsup

yes we were on conference call and they are raughing at all the people who purchased at 18K+ :1orglaugh:1orglaugh:1orglaugh



I am on the phone with pooty right now, it is officially triple confirmed! this is the highest level of confirmation possible! :2 cents:

the idiots spreading the FUD are just as bad as the shitstains that create it

... that said, Bladewire, think you started enough threads about this today?

the bitcoin honeymoon is definitely over....altcoins is where its at...bitcoin is too fat to pump and the new shitcoins are skyrocketing...this is how the average bitcoin holder be like:

https://images7.memedroid.com/images...2bd033166.jpeg

^^^ This

Medibloc will 10x in the next month...I know this because it has relatively good volume, is listed on just one little exchange, it's developers are old wolves, they will pull back a shit ton of tokens, it's a penny stock, "med" sounds like it is going to be profitable, it's a Korean coin and they are nuts, it got devalued recently because of the Korean fud...

The Oracle has spoken!

Dudcoin??

Everyone I know in Hong Kong dumped at the first of the year.:winkwink:

Day trading is the new trend now. Buy it low and sell it high later that day or two. Easy money if you know what you are doing.

the pimps guide to arbitrage:

1) be a studio boss and have tons of model documents
2) open lots of accounts at lots of exchanges
3) use fast transfer/low fee coins
4) fucking crush daily limits
5) buy lambos

*spreads FOMO*

with arbitrage it does not really matter if it is up or down and there is no risk...pimps always make money...

*spreads more FOMO*

^^^ Truth?

go to coinmarketcap and click on ripple for example...then click on markets...right now xrp is

gate.io = 2.64$ XRP/BTC

poloniex = 2.07$ XRP/BTC

use any fast shitcoin to peg the value back and forth between exchanges...have fun crushing the daily limit :pimp

Bitcoin keeps fluctuating, no surprise there to be honest. Even if the drop is big, it will go back up shortly.

south korea has much more to worry about than bitcoin

Evidence points to Bitcoin being an NSA-engineered psyop to roll out one-world digital currency

:rasta

Looks like this raid has severely impacted Bitcoin trade as it continues to crash.