Bitcoin price dives with Ethereum and Ripple among other cryptocurrencies on downturn

Delia Watkins
January 12, 2018

His remarks sent bitcoin prices plunging 18 per cent on South Korean exchange Bithumb, while ethereum slumped 23 per cent.

Moreover, due to huge trading volumes being contributed by South Korean investors, its local exchanges have shown prices at a premium rate which is much higher than that shown by markets like GDAX and Bitfinex.

At a news conference, Justice Minister Park Sang-ki stated, "There are great concerns regarding virtual currencies and the Justice Ministry is basically preparing a bill to ban cryptocurrency trading through exchanges".

On Thursday, January 11, 2018, reports from South Korea indicated that some of the nation's authorities are planning a ban on cryptocurrency trading in the country.

During the emergency briefing earlier today, Choi, who chairs the Financial Services Commission, said South Korea is seeking to collaborate with China and Japan by "setting up a detailed system of cooperation".

South Korea is causing some big ugly waves in the world of cryptocurrency that is impacting Bitcoin, Etherrum, and XRP.

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Investors flooded the presidential Blue House website with hundreds of online petitions against the shutdown, which was swiftly reversed. At press time, a bitcoin was worth $13,780, according to the CoinDesk Bitcoin Price Index.

In the meantime, the global price of Ethereum dropped 1.6 percent at a similar time, drawing a stark contrast with the 6.1 percent price increase in South Korea, according to Bithumb's analysis based on data from website CoinMarketCap.

Choi said that the government is ramping up monitoring efforts, and is poised to hold accountable banks for their duty to prevent money laundering.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%.

Ethereum, the second-largest cryptocurrency by market cap saw its price drop by 5%. The government later responded by saying that the bill isn't finalized and that it may not ban cryptocurrencies.

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