After a dark day for most cryptocurrencies, the Bitcoin price started to slowly recover, but this doesn’t mean that the entire industry is not haunted by the possibility of a ban being instituted in South Korea, one of the most important market. Obviously, this could drag the prices even further.
The decline began after South Korea’s prime minister suggested that the country is considering a ban on trading, in the entire country. This was definitely a live option, meaning that official would – alongside other rules – force people to use their real names when trading, says the Independent.
Should we expect another big announcement from the East?
China could also pull a similar move, indicating that it could forbid cryptocurrency trading in the country. Obviously, this could affect the Bitcoin price even more.
These two combined scenarios forced by world’s biggest coin, in terms of market cap, fall through the $10,000 mark. Just imagine for a moment that just a few weeks ago it was very close to trade at $20,000.
However, the downfall stopped for a day and the prices kept increasing for the past 24 hours. Currently, Bitcoin is trading at $11,669.04 and there are signs that it can go up over the weekend.
As for everything they lost this weekend, Cryptocurrencies still haven’t made up, despite the swift climb from yesterday. A lot of investors are scared that the prices will now remain low, with almost no chances of seeing any spectacular growths. Add the fact that the threat of more regulation is still present and you will understand their fears.
New regulations could be unveiled this spring
France and German lawmakers, for example, revealed that they will take a join proposal in March, at the G20 meeting.
“We will have a joint Franco-German analysis of the risks linked to bitcoin, regulation proposals and these will be submitted as a joint proposal to our G20 counterparts at the G20 summit in Argentina in March,” said French Finance Minister Bruno Le Maire.
During the G20 meeting, the growth of cryprocurrencies will definitely be a hot topic and, depending on the conclusions of the talks, we might as well see the Bitcoin price fluctuation highly once again.