South Korea accounts for the #1, #10 and #14 cryptocurrency exchanges by volume. Yes, I know there could be wash volume involved, but as we all know from the Chinese exchanges' history, that doesn't necessarily matter. Korea seems to be approaching Japan with regard to market relevance, and Koreans are especially active in the altcoin markets.
So,
the government called an emergency meeting yesterday. The topic: methods for curbing cryptocurrency speculation. Sources at the Bank of Korea say that the government will announce measures targeting cryptocurrency traders by the end of the week. They already banned ICOs in September. According to the article:
Top officials at the country's finance regulator have openly mulled a bitcoin trading ban and have compared trading in the cryptocurrency to a Ponzi scheme.
Could this be fuel for a price correction?
Look, basically half of south koreans bought bitcoin at a price it never reached anywhere else (from 19k to over 22.5k). An entire nation of bagholders. There is going to be a SHITSTORM over there.