Bitcoin falls as one of the world's biggest cryptocurrency markets

[taylorsara]

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading

South Korea's justice minister said that the nation is setting up a bill that will boycott all cryptocurrency trading

Park Sang-ki told correspondents that there are "extraordinary concerns" with respect to virtual currencies forms

Bitcoin tuAs indicated by industry site CryptoCompare, more than 10 percent of ethereum is exchanged against the South Korean won — the second biggest focus as far as fiat currencies standards behind the dollar. In the mean time, 5 percent of all bitcoin are exchanged against the won.mbled more than 12 percent following Park's comments

South Korea's equity serve said on Thursday that a bill is being set up to boycott all cryptocurrency exchanging the nation.

That news is a noteworthy advancement for the digital currency space, as South Korea is one of the biggest markets for real coins like bitcoin and ethereum.

[Sexie]

Market is falling on such news because there are many new crypto investors that Panic sale, where this is one of the moments where senior investors dont sell, but buy more if they can.. Market will recover.

.                  Market selling for Bitcoin is falling and that is always good sign for the  big investors to buy more Bitcoin in store. It Will attracts investors. And they enough of it , they Will hold it until the selling price Will increase. There is always the falling site in every currency in the world and Bitcoin Will not be exempt to that. Something like the dollar in my country sometimes it is high in exchange and sometimes Very low.

[HeRetiK]

So that is where the recent drop is coming from! I guess South Korea might become the next China.

It still looks more like a warning shot towards exchanges to keep their paperwork in order though, so a full on ban on cryptocurrencies is not in yet.

[Pursuer]

this was just an excuse to dump bitcoin and spread some FUD to make the rest (the newbie panic sellers) dump their coins so that they can buy it cheap at the bottom and make a big quick profit out of it!

and as for the news itself I find it absurd that they are still trying things like that. banning trading! the government is just going to embarrass themselves with things like this. banning will never affect trading of cryptocurrencies. specially these days that decentralized exchanges are becoming more popular and it is impossible to ban them.
in fact when they ban a "centralized" exchange which they can monitor and control, they will be pushing people to decentralized exchanges which they can neither monitor nor control. so I guess it is a good thing after all...

[UZIzzzz]

Indeed, when more and more countries are planning laws to limit bitcoin, I think it's probably not far from the bear market.

[wilhb81]

this was just an excuse to dump bitcoin and spread some FUD to make the rest (the newbie panic sellers) dump their coins so that they can buy it cheap at the bottom and make a big quick profit out of it!

and as for the news itself I find it absurd that they are still trying things like that. banning trading! the government is just going to embarrass themselves with things like this. banning will never affect trading of cryptocurrencies. specially these days that decentralized exchanges are becoming more popular and it is impossible to ban them.
in fact when they ban a "centralized" exchange which they can monitor and control, they will be pushing people to decentralized exchanges which they can neither monitor nor control. so I guess it is a good thing after all...

So true with your above statement. For those "smart big whale investors" - they will rather to buy Bitcoin at $10K/each, rather than buy it at $20K/each. By spreading this type of FUDs, Bitcoin's price will certainly splash down rapidly like waterfall...

[TheUltraElite]

So that is where the recent drop is coming from! I guess South Korea might become the next China.

It still looks more like a warning shot towards exchanges to keep their paperwork in order though, so a full on ban on cryptocurrencies is not in yet.

I would not buy into South Korea banning bitcoin as the cause cause of drop in price. Also we need to check credibility of the source about this. If I remember correctly this South Korea and bitcoin topic came up somewhere in December last year as well and as said to be a cause of the drop from 5k USD to 3k USD in bitcoint price.

For now I will just consider this as a piece of FUD or rehashed (?) old news. In my opinion the price is dropping because of altcoins being bought.

[Md.salauddin]

Bitcoin falls 9% after one of the world's biggest cryptocurrency markets readies a bill to ban trading . Korea introducing a bill to ban crypto trading.

[8270thNinja]

This type of tactics is not old on Cryptocurrency world, This kind of people are just threatening to ban it to create mass FUD which will create panic cash out that will result into the decrease in price of Bitcoin. They need to regulate it rather than banning it, I thought South Korean Government is fully supporting Cryptocurrency and now they are planning and deciding on banning it? Let's see what will happen on the upcoming days.

[Matj]

South Korea has about 5% of worldwide Bitcoin trading, if I'm not mistaken? So if BTC were to be completely banned there, then the price should rationally drop 5%, right? Of course they are not comparable 1:1, but this is just to think about the scale. People panic, so the drop is already bigger, heh. Anyway, it's most likely empty news. Whatever the reasons behind it, BTC discount is always good news to me. Fortunately, by coincidence, I just got some more s***coin called the Euro, that I can dump for BTC.

[Kotone]

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading

South Korea's justice minister said that the nation is setting up a bill that will boycott all cryptocurrency trading

Park Sang-ki told correspondents that there are "extraordinary concerns" with respect to virtual currencies forms

Bitcoin tuAs indicated by industry site CryptoCompare, more than 10 percent of ethereum is exchanged against the South Korean won — the second biggest focus as far as fiat currencies standards behind the dollar. In the mean time, 5 percent of all bitcoin are exchanged against the won.mbled more than 12 percent following Park's comments

South Korea's equity serve said on Thursday that a bill is being set up to boycott all cryptocurrency exchanging the nation.

That news is a noteworthy advancement for the digital currency space, as South Korea is one of the biggest markets for real coins like bitcoin and ethereum.

Bitcoin is the leading currency in all the cryptocurrencies here in this world. And basically it has one of the biggest markets served as it has gained renown and popularity especially when its value has raised through the roof and people flocket to it

[coinycoiny]

It makes me laugh that the people shouting FUD are actually the biggest FUDDERS

[YuginKadoya]

Bitcoin falls as one of the world's biggest cryptocurrency markets readies a bill to ban trading

South Korea's justice minister said that the nation is setting up a bill that will boycott all cryptocurrency trading

Park Sang-ki told correspondents that there are "extraordinary concerns" with respect to virtual currencies forms

Bitcoin tuAs indicated by industry site CryptoCompare, more than 10 percent of ethereum is exchanged against the South Korean won — the second biggest focus as far as fiat currencies standards behind the dollar. In the mean time, 5 percent of all bitcoin are exchanged against the won.mbled more than 12 percent following Park's comments

South Korea's equity serve said on Thursday that a bill is being set up to boycott all cryptocurrency exchanging the nation.

That news is a noteworthy advancement for the digital currency space, as South Korea is one of the biggest markets for real coins like bitcoin and ethereum.

Bitcoin is the leading currency in all the cryptocurrencies here in this world. And basically it has one of the biggest markets served as it has gained renown and popularity especially when its value has raised through the roof and people flocket to it

Yup! I really believe that bitcoin had got so many people into it because of its current price and many had seen the potential to gain profit by just investing with bitcoin, And right now because the price is too high right now many people are now engaging with Altcoins that is why there are a resistance happening with the price of bitcoin, I really don't believe that it is because of South Korea banning trading with bitcoin.

[HeRetiK]

So that is where the recent drop is coming from! I guess South Korea might become the next China.

It still looks more like a warning shot towards exchanges to keep their paperwork in order though, so a full on ban on cryptocurrencies is not in yet.

I would not buy into South Korea banning bitcoin as the cause cause of drop in price. Also we need to check credibility of the source about this. If I remember correctly this South Korea and bitcoin topic came up somewhere in December last year as well and as said to be a cause of the drop from 5k USD to 3k USD in bitcoint price.

For now I will just consider this as a piece of FUD or rehashed (?) old news. In my opinion the price is dropping because of altcoins being bought.

It's current news, but arguably it's more a question of regulation, rather than banning:

https://www.reuters.com/article/uk-southkorea-bitcoin/south-korea-plans-to-ban-cryptocurrency-trading-rattles-market-idUSKBN1F002A

Whether it's the cause of the current drop is speculative, of course, as given the current market situation a further drop in BTC price was not unexpected. The drop in BTC precedes the current rise of alt coins though, so the drop seems to be the cause of the rise and not the other way round.