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Bitcoin and altcoin markets plummeting: Only 6 major coins are in the green

Posted: 11 January 2018 5:26 pm

Cryptocurrency gender divide

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.

South Korea is currently the third-largest country in the world for cryptocurrency transactions and makes up over 13% of all trades for Ripple and Ethereum, plus 5% of bitcoin.

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%.

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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.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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