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

Terry Joseph
January 12, 2018

The office spoke out after news reports indicated Wednesday that the South Korean Justice Department is planning legislation that would pave the way for exchanges in the country to be shut down to largely halt cryptocurrency trading.

CoinMarketCap, a global source for cryptocurrency market data, caused cryptocurrencies to crash on Monday after it had tweeted out that it will exclude Korean exchanges prices due to the significant difference in prices compared to the rest of the world.

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".

A series of measures have failed to curb overheated virtual currency speculation in the country and Mr Park said it would be "devastating if the bubble bursts". A representative of the website confirmed the moves in an email to The Wall Street Journal, citing "extreme price discrepancy" among South Korean exchanges.

"We're closely monitoring government moves".

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The announcement removed data from Bithumb, Coinone and Korbit from CoinMarketCap's average calculations.

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%.

So, it's not set in stone that trading is definitely going to be banned - and that's because the government is reportedly toying with other ideas to regulate activity, like clamping down on unlicensed exchanges. Many traders say that they reacted to the change in the data which resulted in further decline in the prices which was perceived to be a heavily falling market.

"Justice Minister Park's comments related to the shutdown of cryptocurrency exchanges is one of the measures prepared by the Ministry of Justice, but it's not a measure that has been finalized".

A Chinese ban on virtual coin transactions in yuan ended up driving many investors underground, exposing them to greater risks, he said.

Other reports by Free-Prsite

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