Industry

Bitcoin plummets as South Korea confirms cryptocurrency crackdown

Bitcoin plummets as South Korea confirms cryptocurrency crackdown

Justice Minister Park Sang-ki speaks at a press conference on January 11, 2018. "We have grave concerns about (the craze over) virtual currency and (a shutdown) would be one of the goals we are aiming for". More than 10% of all Ethereum is traded against South Korea won and 5% of all Bitcoin is traded against it as well.

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.

The theory is that the rumours are an FUD-missile meant to drive the price of BTC and other coins down so that crypto whales can buy them up at a "discount".

The Indian finance ministry recently cautioned investors about the risks of trading in cryptocurrencies such as bitcoin, saying digital currency investments are like "Ponzi schemes". According to Coilhils.com, the value of bitcoin reduced by 4 percent after the comments from justice ministry were released.

To make matters worse, there was also news that the South Korean Justice Department was preparing to roll out legislation that would ultimately end in the closing down of South Korea's cryptocurrency exchanges. "Ultimately, we aim to close the exchanges here". "We have nothing further to say at this moment", she told AFP.

South Korean financial authorities had previously said they are inspecting six local banks that offer virtual currency accounts to institutions, amid concerns the increasing use of such assets could lead to a surge in crime.

Last month Seoul banned its financial firms from dealing in virtual currencies.

Investors and exchanges in South Korea were bracing themselves for what may amount to a government-issued ban on cryptocurrency trading; but conflicting reports from different parts of the government are now surfacing, leaving the global community rocking on its heels. An official at South Korean exchange Coinone said that in addition to the raids, "local police also have been investigating our company since a year ago".

The Justice Ministry said that a bill was forthcoming.

This year has not been so favorable for bitcoin as it receives more oppositions both from government and other cryptocurrencies, which may eventually cause an unimaginable fall in its value.

"I can say nearly with certainty that cryptocurrencies will come to a bad end", Buffett told CNBC in an interview.

According to CoinDesk, prices of Bitcoin slipped to $13,558.15 (at the time of publishing the article), down 8.95 percent from today's opening price of $14,890.72.


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