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

[tiffanywalsh]

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.

[bitcoinposts]

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

[bitcoinveda]

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

[bitfocus]

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

[bitcoinzen]

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

[audaciousbeing]

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.

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.

[smyslov]

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

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.

[Wayan_Pedjeng]

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.

[Reid]

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.

[rkrams]

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.

[cryptonoob312]

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.

[Joriecoinbit]

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.

[Anti-Cen]

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

[meatmaker]

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

[BitcoinHodler]

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.

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.

[cynical]

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.

[coinycoiny]

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.

[honeyira]

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

[johnson4218]

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

[gabbie2010]

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.

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.