Bitcoin Prices Tank Amid Korean Ban Rumours

Bitcoin prices have tumbled considerably shedding well over 16% of its value within 24 hours, With the majority of cryptocoins all showing red too, it seems markets have fallen like dominos as Bitcoin plummeted from the $14k range to barely above $11300 at the time of writing. We previously discussed the impact of Korean regulation on bitcoin when the position on bitcoin remained ambiguous allowing for a brief respite from bearish movements. However recently the Finance minister released a additional statement essentially putting a blanket ban back on the table as a  regulatory measure for cryptocoin’s.

As seen on charts below, prices of bitcoin tanked considerably over the last 24 hours despite remaining fairly stable for the majority of the week. Trading volumes have also increased massively as many begin panic selling to cut their losses short.

bitcoin price react after korean rumours

“There are no disagreements over regulating speculation,” such as using real-name accounts and levying taxes on crypto currency trading, Kim said. Shutting down digital currency exchanges is “a live option but government ministries need to very seriously review it,”
Finance Minister of Korea, Kim Dong-yeon

Speculation
Currently markets are extremely volatile due to the indecisiveness and mixed news coming from the Korean state ( which remains one of the biggest bitcoin consumers alongside China and South East Asia), but taking advantage of the current prices, many investors are advised to purchase small amounts (in the ballpark of 7-8% of your total portfolio) under the current conditions. Prices have been given a short term target of $14000 which could be achieved within 72 hours. A bottom of $10560 is currently predicted before prices potentially rebound back up.

Disclaimer: Please trade responsibly. Your assets can go up or down in value and you may end up losses exceeding your deposit. Only trade what you can afford, BTC.NG and the author can not take responsibility for any financial losses incurred.

Written By

Hi I'm Aleppo Allesadero a experienced bitcoin user and educator. Having worked for over a year in the bitcoin journalism ive seen bitcoin grow from strength to strength asserting its power against fiat currency. Hopefully you too can learn about this exciting new prospect which may help transform the way we see finance and economy on a daily basis.