Bitcoin Dips Below $12,000 to Lead Cryptocurrency Slump Amid Expected Crackdown
Later on a stellar 2017, the new year year has started badly for cryptocurrencies. Indian Finance Minister Arun Jaitley recently chosen them 'Ponzi Schemes'. The Omaha of Nebraska Warren Buffett recently expressed concerns that all cryptocurrencies will take 'a bad catastrophe'.
And the South Korean Justice minister Park Sang-ki recently talked about banning cryptocurrency trading in his country. All of that negativity has now seemingly come to roost, with the value of the world's preeminent cryptocurrency, Bitcoin, plummeting by a further 20% today, on the back of persistent weakness in the sector in recent weeks.
The trigger for the latest selloff seems to be the reiteration of the before threat of banning cryptocurrency trading in South Korea. The country's Finance Minister, Kim Dong-yeon was reported saying that while the ban on crypto is still on the table, all stakeholders first demand to take a 'serious' discussion on the subject before exercising the nuclear selection.
The minister also hinted at regulation to curb the 'irrational speculation'. Couple with other announcements from the state to ban crypto, investors accept been selling off stockpiles en masse. Every major crypto coin is in reject ever since the original story nearly Republic of korea's unease with the engineering science started to break.
Co-ordinate to Neil Wilson, senior market place annotator at London-based online trading platform ETX Majuscule, i of the reasons why the South Korean news is affecting the market and then badly, is because it is i of the largest crypto-currency market in the world.
China, some other large market, has also been conveying on its own crusade confronting digital currencies by starting its ain crackdown that has seen the country blocking access to "Chinese and offshore cryptocurrency platforms that let centralized trading", co-ordinate to a report by Bloomberg.
Source: https://beebom.com/bitcoin-falls-south-korea-china-crackdown/
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