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

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.

I think South Korea is just trying to regulate the crypto currencies not totally banning it.Stop spreading the fake news and creating panic situation around bitcoin investors.The current fall in price due to the increase in price of altcoin but soon the bitcoin will bump as it normally happened over history.

Actually, the ban is only applicable to cryptocurrency companies who do not meet the standard qualifications and requirements provided by their government and not entirely ALL of them. As we all know these kinds of news will result to a decrease on bitcoin's price, which may be an opportunity for us investors to buy bitcoins for long-term goal. Like what others said in the forum, I really do hope that before you post controversial topics like this you must first double-check your facts to avoid confusion to some people. Even the smallest of things may yield the biggest effects.