Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions

17 January, 2018, 16:57 | Author: Darnell Taylor
  • Korea's Cryptocurrency Exchange 'Upbit' Ranks First in the World in Daily Transactions

In an interview with a local radio station, Finance Minister Kim Dong-yeon said the government was considering a ban on the buying and selling of Bitcoin and other coins. Mati Greenspan, an analyst at trading platform eToro, said declining volumes from Japan and South Korea appeared to be behind Tuesday morning's sell-off. Shutting down digital currency exchanges is "a live option but government ministries need to very seriously review it", he added. Later he seemed to backtrack.

It is too early to say if the bitcoin bubble has burst, and if it and other cryptocurrencies could yet rally, but the chances are that the dizzy heights of December no longer look so gilded in the cold light of the dawn of 2018. Just this Monday, the government said it would only make a decision after "sufficient consultation and coordination of opinions".

Bitcoin's price fell to as low as $10,105 on Wednesday, according to the CoinDesk Price Index, but has since rebounded to $10,283.

According to Bloomberg, Chinese authorities are getting ready to deepen its crackdown on cryptocurrency trading. Since then, bitcoin has mostly traded between a range of about $13,000 to $15,000. Rival cryptocurrencies Ripple and Ethereum dropped 40% and 26% respectively.

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Ethereum has shed over 20% in the past 24 hours falling from $1,200 to $950. But the cryptocurrency giant remains more than 1,000 higher over the last twelve months. Ripple for example, is down by more than 23% on the day.

China moved against cryptocurrencies previous year and has stepped up its offensive, particularly against online trading platforms and mobile apps, Bloomberg claimed. It sounds as if person to person or decentralized trading would still be allowed.

According to an unnamed source, Chinese authorities plan to block domestic access to Chinese and worldwide cryptocurrency platforms that allow centralized trading.

It has been a huge crash in the BTC markets and the crypto markets as a whole as news and fears of action from the South Korean regulators over the crypto exchanges, coupled with the news of the shutdown of the bitconnect exchange, has led to fears and panic selling in the markets. Bitcoin's price at around $12,000 is generally attractive to investors, yet we can not help but recall billionaire Mike Novogratz, who sold his Bitcoins in late 2017, commenting on the excessive volatility of the currency.

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