Home Litecoin Bitcoins, Litecoin, Ethereum Slide As South Korea Plans Crackdown On Bitcoin Trading

Bitcoins, Litecoin, Ethereum Slide As South Korea Plans Crackdown On Bitcoin Trading


Bitcoins, Litecoin, Ethereum Slide On Reports Of Proposed Trading Ban In South Korea

Bitcoin falls considerably on Thursday

Bitcoin continues to lose big on Thursday as the cryptocurrency falls around 6% on CoinMarketCap to trade at $13,603. The digital currency’s market cap declines from $245 billion to $228 billion in one day. Similarly, Ethereum falls 12% to trade at $1,200. Ripple, another popular cryptocurrency that stands third after bitcoin and ethereum, loses 14% to trade a $1.74 per coin. Litecoin loses over 5% while NEM loses 10%.

It is worth mentioning that the cryptocurrency’s price has been sliding consistently for past five days since January 7 when the cryptocurrency opened at $17,527. A day later, the bitcoin fell to $16,476. On January 9, the bitcoin opened at $15,123. On Wednesday, the decline continued with cryptocurrency falling to $14,589.

On BitStamp, bitcoin trades at $13,100 on Thursday morning while the 24-hour high figure was $14,973, a difference of 12.5%. In India, a bitcoin can be bought for Rs 10.53 lakh on unocoin, a bitcoin exchange. At the India-based bitcoin wallet Zebpay, the cryptocurrency can be bought for Rs 10.45 lakh and sold for Rs 10.02 lakh.

On Thursday, Park Sang-ki, South Korea’s justice minister said that the country is preparing to ban all cryptocurrency trading in the country. According to CryptoCompare, over one-tenth of ethereum is traded against the South Korean currency won – the second largest concentration in terms of fiat currencies behind the dollar. At the same time, 5% of all bitcoins are traded against the won after US dollar.

“There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” Park Sang-ki said at a press conference.

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