Bitcoin and altcoin markets plummeting: Only 6 major coins are in the green
The cryptocurrency market is down US$70 billion following news that South Korea may be banning cryptocurrency trading.
Only 6 coins in the top 100 market cap are in the green over the last 24 hours after news broke that the South Korean government is putting forward a bill to potentially ban cryptocurrency trading in the country.
At the time of writing, only VeChain, Augur, Po.et, KuCoin Shares and Tether have gained value in the past 24 hours.
The market as a whole is down over US$70 billion. Of the top 20 coins, ICON is down 19%, while both Ethereum and Ripple are down almost 15%.
South Korea's potential crypto ban
The South Korean government announced earlier today that it is preparing a bill which could ban all trading in the third-biggest crypto market in the world.
The news comes just hours after Korea's largest crypto exchanges, including Bithumb and Coinone, were raided by police in relation to tax evasion. One Coinone staff member told Reuters that the police had been investigating the company for months as they believed cryptocurrency trading was gambling.
Two weeks ago, the government also announced it was going to put tougher regulations on the crypto industry, but stopped short of saying it would ban trading altogether.
South Korea's justice minister Park Sang-ki said at a press conference earlier today that his government is worried about the speculative nature of crypto trading.
"There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," he said.
Park Sang-ki said that his office would not disclose details of the potential shutdown as of yet.
The bill still needs to pass parliament for these changes to come into effect.