If you checked the price of your favorite cryptocurrency this morning, you most likely had a shock, as the majority of coins plunged, after South Korea’s finance minister announced that the highly-rumored ban is still a ‘live option’.
According to Metro, the price of Bitcoin, as well as other virtual currencies, went into meltdown, dropping by 20 percent in the last day. However, let’s not forget that the ban is still a possibility and not a certain thing.
South Korea is considering serious interventions!
South Korea’s Finance Minister Kim Dong-yeon had an intervention at a local radio station, saying that the government is now considering a ban on buying and selling cryptocurrency.
‘There are no disagreements over regulating speculation,’ he said. Shutting down digital currency exchanges is ‘a live option but government ministries need to very seriously review it.’
In this moment, the world’s biggest crypto coin, in terms of market cap, is trading at almost 20 percent lower than yesterday afternoon, when a Bitcoin was costing about $14,300. The lowest from the last month was registered in the morning when BTC was trading at $11,600.
Overall, Bitcoin had a very bad year until now, dropping from its all-time high, reached around Christmas, of almost $20,000, with more than 40 percent, after various remarks coming from Asian countries, like China or South Korea, regarding a possible ban on trading.
Everybody wants a bit of crypto coin
As for South Korea, it’s one of the countries where cryptocurrency and mining have turned into a real craze, with either young and old people betting on coins, in an attempt to get rich fast. Also, the high demand from possible investors created what it’s known as ‘kimchi premium’, an extra price South Korean pay to buy digital currencies. Technically, they’re buying everything at higher rates than the average global user.
We’re looking forward to seeing how the prices will evolve towards the evening, as this can reveal if the news of a possible ban had such a huge impact on the market.