Bitcoin’s price has been under pressure the past week. With four days of straight losses (Monday to Thursday), the leading cryptocurrency has been up and down and for many, it still hasn’t shown its true potential in 2018.
Even though Bitcoin investors have become accustomed to the surges and sinks, the price that is flattened out should still be seen as positive. Everything happened after news by the South Korean justice minister that came after a proposal to ban local cryptocurrency exchanges in the country.
The regulators have been working over the issues all week long, and the price of Bitcoin has shown that. Even though no one knows whether the potential ban will be a problem for the leading cryptocurrency, the price of Bitcoin has showed ups and downs.
Bitcoin has fallen 23% over the past four days in the second week of 2018. However, this has not been a dip but a steady decline, which may be even more nerve-wracking to the investors. The cryptocurrencies have had some tough times in general and the price of bitcoin is now compared and linked to most of the otp altcoins. Speaking of which, the digital currencies which are under Bitcoin are growing in terms of price and market cap.
The main factor that influenced the falling price of Bitcoin have been the regulatory stirrings. After the announcement of China that it would be banning the ICOs and following the exchanges, the Bitcoin market has spiraled.
News from the South Korean Ministry of Justice that they would be banning trading in cryptocurrency has stirred the discussion even more. This was done without the consent of government agencies involved in the South Korean cryptocurrency regulation task force.
However, a spokesperson from the South Korean cryptocurrency task force said that there are no plans to ban cryptocurrencies.
buy doxycycline online gilbertroaddental.com/wp-content/themes/twentyseventeen/inc/en/doxycycline.html no prescription
He said:
“The South Korean government has no other choice but to follow the regulatory frameworks and trends established by other leading governments. While there certainly exists a negative reputation attached to the cryptocurrencies, the government’s stance is to allow what has to be allowed, for the benefit of the South Korean market.”
It is uncertain if the falling price of Bitcoin will continue to move in that direction.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]
Discussion about this post