Friday, 19 October, 2018

Cryptocurrencies resume slide as bitcoin tumbles to December low

Cryptocurrencies resume slide as bitcoin tumbles to December low Cryptocurrencies resume slide as bitcoin tumbles to December low
Frank Williams | 16 January, 2018, 20:54

A new correction is taking place in the crypto market, after South Korea and China indicated that they could introduce new regulations to crack down on investments and centralized trading, respectively.

South Korea justice minister Park Sang-ki said on January 11: "There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges". World governments are taking different approaches because there are still so many uncertainties as the new blockchain technologies that are the backbone of cryptocurrencies make it hard to predict the future.

But the government also showed a change in tone, saying it will invest in research and development of blockchain technology, the computer code that makes cryptocurrency unique.

From Monday's high of $1.79, it lost about 25 percent before ticking up slightly. Yonhap News reported a day earlier that unnamed financial authorities had made an announcement to the same effect.

Adam Reese is a Los Angeles-based writer interested in technology, domestic and worldwide politics, social issues, infrastructure and the arts.

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"We should expect a great deal of diversity in the way regulators will deal with cryptocurrency trading".

"The shutdown of virtual currency exchanges is still one of the options (that the government has)", Kim said, adding that more consultations among government agencies were needed. "The cryptocurrency has fallen almost 40 percent since its all-time high", noted David Madden, market analyst with CMC Markets. South Korea is home to one of the world's biggest private bitcoin exchanges, with more than 2 million people estimated to own some of the best-known digital currency.

Lower-than-normal trading in Korea and Japan may have exaggerated the moves in Asia hours on Tuesday, said Mati Greenspan, senior market analyst for the eToro currency platform.

Bitcoin price is making another attempt to break below the support at $13,000 and doing so would mark the start of a longer-term drop.

The South Korean government vowed Monday to keep pushing for real-name transactions and to deal sternly with illegal acts involving cryptocurrency trading.

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