Bitcoin Forum

Bitcoin drops $2,000 in value as South Korea announces planned trading ban

The value of bitcoin plunged 13.5% in the early hours of Thursday after news hit that South Korea is planning to ban cryptocurrency trading.

News of the ban follows the raiding of local cryptocurrency exchanges by police and tax authorities over alleged tax evasion, as one of the key nations driving the demand for bitcoin and other virtual currencies attempts a clampdown.

“There are great concerns regarding virtual currencies and the justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges,” justice minister Park Sang-ki said.

the news is to create panic it is not true south Korea is regulating exchangers not ban

raise and raise of bitcoin in last few weeks now bitcoin is reacting all FUD news we can expect more downfall of bitcoin in coming days correction is good so that bitcoin can start the new rally may be month to 20 thousand dollars and above

South Korea is Planning Regulations, not BAN. Some people believe in rumor and demolishes the market.

actually bitcoin about to touch 10 thousand dollars bellow with the recent news china banned still trading is happening in china and now south korea is planning to regulate good move with panic sell button activated

It would have been better if you had provided the link to the source of the news so for follow up reading and person that post after you would not have said that if he had seen and verified the source to know whether to rely on it or not. I saw the price take a reverse turn but I am not panicked because I know at one point, the answer as to why that happen will pop up and this is one of the answers.

When news like this broke, its normal for price to fall as even price has been falling from the all time high of close to $20000 that we witnessed close to the end of last year to the present moment how much more when there is a major threat for everyone to react to. But the issue is that, I don't expect this to last long and its because there is precedence to rely upon. When the Chinese government announced her plan to regulate the way things are done,price crashed but we bounced back even stronger and at the time, the stake the Chinese controls was very much higher than what South Korea can control.

Because Bitcoin is highly volatile, any bad news will reflect on the price, and people loves doing it because they can buy more when bitcoin price drops, some of these are whales or are veteran traders, I just keep on holding my bitcoin.

I still remember what happened after the Chinese ban. The prices went down from $4,500 per coin to just $2,800 per coin. But I also remember what happened within a few weeks after the ban. The exchange rates hit all time highs and the Chinese investors were ruing their lost chance.

That is some serious news without links.

If it will be a real ban then this is not just the price it will be. It will go down way low for that is a big country that have a lot of investors.
It is still resisting and I am guessing it is just because investors are turning om altcoins.

I'm yet to find one proper solid news article with proper verified facts on this development in SK, every ones is either calling it a fud or crash.
On one hand we have people who are outright calling it a total ban which is hard to believe and on another have peole  posting it as FUD by msm but with one month old articles linked.

Really need clarity on this one, as whatever happens in South korea could be carried by other countries too which are now on the fence like india etc.

If its just tax regulation on exchanged then it would be fine i guess.

Bitcoin will continue falling, because its price is highly dependent on what is happening with cryptocurrencies all over the world. Current tendencies are that even developed countries (like South Korea) are going to ban crypto.

No! It won't happen.  Its price may drop but it will just recover. South Korea's plan of banning crypto may affect bitcoin's price, but everything will be fine just like what happened to China banning ICO. Anyway, just relax, there's nothing to worry about. Everything will be back to normal after how many weeks.

My ETH did not spike down on this news and my Ripple was just fine so the news from South Korea
is an excuse for Bitcoin losses over the past month that are due to sky high transactions fees.

I have a "Stop Loss" on Bitcoin at $10,000 and will take the rest of my winnings out if this
happens and will be looking to gamble on coins that don't use the defunct old block-chain and
the BTC fans here cannot argue with statement since Lightning is all about taking transactions
"Of-Chain" anyway so yes you was sold a dud

why does the market drop anyway? does SK have tons of farms? its only south damn korea why do people get spooked?

the same news came out last year and by that time the drop that happened was was about 30%.
considering how many FUD is around these days and how people are still staying away from bitcoin because of all the bubble FUD, i say 10-12% drop is a great achievement for bitcoin.

its not a good news story and i think we may see more of this throughout the year from other countries.
the clampdown and regulations may well be in the pipeline for some countries,
but long term it wont affect bitcoins growth, it may affect the amount of new people getting into it but that will be short term.

Well done South Korea. It's pretty obvious that cryptos are in a huge bubble, and South Korean nationals are massively exposed to it.

When the crash happens it would have a massive impact on the economy as nationals would be hit from a big loss from their savings.

By acting now the government is encouraging nationals to cash out now, many of them will be up substantially and will turn their winnings into real investments.

The same thing happened in China.

Alas the US will be last and what you will witness is a transfer of wealth from West to East.

South Korea is after the tax. Why should not darft law of taxing btc rather than banning it.

It will not happen that I think the bitcoin is temporarily reduced to adjust prices. We will see a bitcoin boom in 2018. When the whole world accepts

This is usually normal in crypto currencies as news and event always have impact on their prices, south Korean ban on bitcoin will only affect it temporarily as we noticed during the clamped down on exchanges by the Chinese government last year, there was a drop in the price
 then before the price rallies upward later.

Its ok. All the short term traders are moving out of bitcoin to USD and EUR. What they dont realize is that USD/EUR and other fiat, is the real bubble.  Bitcoin is totally undervalued when you think of the limited supply. come on - 21 million coins!!! there is not even enough coins for all the billionaires in the world.

relax and hold and you will not regret!

We need atomic swaps done for btc and ltc ..to get things moving and making a raid on an exchange less of a big deal

https://hackernoon.com/atomic-swap-why-its-a-game-changer-for-exchanges-fb1380f5cb6c (https://hackernoon.com/atomic-swap-why-its-a-game-changer-for-exchanges-fb1380f5cb6c)

I think South Korea is just trying to regulate the crypto currencies not totally banning it.Stop spreading the fake news and creating panic situation around bitcoin investors.The current fall in price due to the increase in price of altcoin but soon the bitcoin will bump as it normally happened over history.

Actually, the ban is only applicable to cryptocurrency companies who do not meet the standard qualifications and requirements provided by their government and not entirely ALL of them. As we all know these kinds of news will result to a decrease on bitcoin's price, which may be an opportunity for us investors to buy bitcoins for long-term goal. Like what others said in the forum, I really do hope that before you post controversial topics like this you must first double-check your facts to avoid confusion to some people. Even the smallest of things may yield the biggest effects.

ban crypto?? telegram is goint to rise an ico. More or less they want to rise 1.2billion dollars.

I don't think that, this train can be stopped!

Korea is not likely to end up the same way as China, mainly cause it's not communist  ::)

http://m.news.naver.com/hotissue/read.nhn?sid1=101&cid=1074429&iid=2718120&oid=018&aid=0004009939

to be fair no "plans" on banning anything came out though. there was just some talks about possibly maybe ban trading cryptocurrencies.

and it is always this way, some vague news comes out with a clear title saying they plan on banning or something like that and when you look at the reality you realize that it was just some guy talking about it.
the actual bans don't make that much noise anyways!

Good thing that there is FUD from time to time so we can buy cheap tokens :D Already bought some more to hold :)

yeah man it's expected that a drop like this after such a big country in terms of bitcoin and cryptocurrency usage (through trading) shuts down or bans trading. nothing is finalized and nothing has changed in the grand scheme of things.

one of the biggest market bitcoin in the world announce bad news about bitcoin so it's normal if the price dropped because people so worried if this is true the price will continue to dropped again more than now that's why i didn't trade for bitcoin and altcoin since yesterday because i want to know the further information regarding this whether South Korea dare to ban cryptocurrencies trading or this is just a rumour

South Korea Is Not Banning Bitcoin Trade, Financial Regulators Clarify
Don't panic just yet, South Korean regulators are putting a stop to the rumours that the government is banning all crypto transactions.

https://www.forbes.com/sites/pamelaambler/2017/12/12/south-korea-is-not-banning-bitcoin-trade-financial-regulators-clarify/#44da51c21427

Yeah well what about all the forks all doubling the money supply from 21m to 42m or would you like to think that the world is running out of numbers ?

White cheese. red cheese or blue cheese is all fine with me and didn't we see this all before being played out with domain names where it was costing
silly amounts of money to buy them until they started to release other top level domain names ?

I am relaxed as you say because I have placed a stop loss on my BTC if it goes below $10,000 to protect my winnings
but unless the fees come down dramatically then that's just where its going because the white and blue cheese tastes
just as good as the white and green cheese to me.

Ripple =100bn Coins at $14,000
BTX = 21m Coins at $2.50

Do the sums because even with 100bn coins Ripple is cheaper than BTC
and when converting the amount/cost ratio this puts Ripple at about $6,000
so if Gold is at $1250 and you can by Silver at $5 Oz then go for the silver.

Even if that's true I think that the ban on trade in the country may lead to an even greater demand for digital currencies, which would increase their price. But I think they are preparing regulation and not a ban.

The South Korean ban is nothing when compared to the issues which Bitcoin has faced earlier. If Bitcoin can survive the ban in China, then the proposed prohibition in South Korea is a non-issue.

It is really tiring to see all these manipulative fake news. why let South Korea ban cryptos? it is one of their major economy support in case you didn't know that. this kind of speculations doesn't effect bitcoin really.

South Korean ban for the exchange is nothing compare to the earlier when China ban all the exchange to their country.
its just a small dump, it will be corrected sooner or later.

I do not see any drop in the price of bitcoin for 2000 dollars. If yesterday, according to CoinMarketCap, the cost of bitcoin was $ 14640, today it is $ 14235. Therefore it is not clear what kind of information it is. In addition, South Korea has always been a large international center for the volume of sales of crypto currency. I can not believe that this country suddenly decided to prohibit the circulation of the crypto currency and, above all, the trade in crypto currency on the exchanges.

This is really temporary thing until people will find out that it was just about implementation of the regulations in the exchangers rather than the complete ban. As most of the people don’t know what kind of regulations might come up that’s why most of them might have exchanged the bitcoin with fiat currency and thus leading to mass decrease in the crypto currency market. I think this is the solid reason why almost every altcoin in the market is dropping to the nutshell.  :P

Most likely, these are inaccurate and unverified rumors. I do not see any drop of bitcoin for 2000 dollars. Since yesterday, bitcoin has gone down a few hundred dollars and its price now stands at more than $ 14,200. South Korea is unlikely to prohibit trade in crypto currency on its exchanges. This country is in the top five in terms of trade in crypto currency. I think that this is some kind of inaccurate and unverified information.

I don't care what happens in South Korea. yes currently bitcoin is going down, I must admit that maybe it is the cause. but let's see, I'm sure the bitcoin will return to normal and last, then increase again. let's see what happens later

I don't think that South Korea is the reason.
If you were watching the market and the price recently you could see that the price is moving between 13000$ and 15000$ so I would call this usual volatility.
It's true that price also depends on outside factors and announcement related to economy and politics but don't always trying to find some deep causes.

FUD! FUD! These bankers are spreading fud so prices could go low and they can get in at decent prices. But eventually countries will ban it. It is starting to gain traction in the main stream and many countries will probably not want to support that. It wont really matter though unless you get something like the g20 countries all banning it though which is extremely unlikely at the moment.