Sunday, 24 June, 2018

South Korea Cryptocurrency: Government's Support Leads to Bitcoin Volume Surge

S. Korean official in charge of cryptocurrency crackdown found dead Kim Hong Ji Reuters
| 21 February, 2018, 09:59

For the first time bitcoin broke the mark of 11 thousand dollars at the end of November 2017.

The news has been well received by the cryptocurrency community with bitcoin surging nearly 4 percent in value earlier today. However, it rebounded on Monday to $11,050, showing a 5% gain. From this year's low of $5,920 in early February, bitcoin has surged almost 100 percent.

This is fantastic news for the cryptocurrency, and shows just how tough it can be. The third cryptocurrency, Ripple, is trading at $1,14. The currency jumped as much as 10 percent after a "hard fork" resulted in the creation of a new cryptocurrency called litecoin cash, reported Reuters. With a market cap in the hundreds of billions, the influence of cryptocurrency is impossible to ignore.

Developments out of South Korea - where Bitcoin has often traded at a 40% premium to other markets - have been the catalyst for significant price moves in the crypto market this year.


No one knows how the price of Bitcoin will change tomorrow.

"While the threat of heavy regulation, or even a total ban on exchange trading, has hovered over bitcoin in recent weeks, reports this morning that the South Korean government are softening their stance have given traders confidence to buy", said Dennis de Jong, managing director, at online brokerage UFX.com in Limassol, Cyprus. According to HanKyoReh, one of South Korea's largest media outlets, the demand for the cryptocurrency is surging now, for the first time since the middle of January. While the Bitcoin price and value has been all over the map since its launch, we've generally seen an upward trajectory.

Seoul previously said it was considering shutting down local cryptocurrency exchanges, which threw the market into turmoil and hammered bitcoin prices. Investors, researchers say, would be better protected in case of a huge drop, while retail investors would feel the impact of the collapse the most.

With South Korean exchanges generally responsive to their proposals, the government there now seems to be happy with how things stand, Heung-sik going so far as stating: "the government will encourage banks to make transactions with cryptocurrency exchanges".

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