The Crypto market has again taken a hit this week following news of a potential ban in South Korea.
Ethereum and Ripple’s XRP are down by over 10%, whilst Bitcoin (which has been in decline all week) has dropped by almost 5%.
Whilst it seems very unlikely that South Korea will impose an outright ban, it is likely that more regulations will be put into place. One of the major concerns in South Korea is anonymity that some exchanges provide to those buying and selling Cryptos.
It appears that the government will tighten their stance on Cryptos and not allow exchanges to operate without conducting identity checks and keeping records of those who open accounts.
At the end of 2017 we stated that we believed the Crypto market’s biggest challenge this year will come from governments and big institutions seeking tougher regulations. We are already seeing this in action, last week Visa terminated the use of certain Bitcoin Debit cards.
As the market is still at a very early stage, news and reports of potential bans cause many investors and speculators to panic sell.
Subscribe for free by entering your email address below in order to receive new post updates. You can always unsubscribe with one click, if you don’t like us anymore! If you have Instagram or Twitter then why not follow us, our handle for both is ‘@enterthecrypto.’
Receive $10 worth of free Bitcoin when you click the following link to sign up to Coinbase and buy $100 or more worth of Bitcoin.
Click here if you are looking for places to purchase Cryptocurrency.
We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.