The cryptocurrency market managed to surge this week as the South Korean government pushes several ways to “normalize” cryptocurrency trading as the higher demand of Bitcoin from the country forces legislator to implicate swift actions. This is the second time this week that the crypto’s prices rallied after a tumultuous January.
South Korea has been one of the biggest hubs in terms of Bitcoin movement and the past debacle and legislation against the digital currency have weighed down its prices at abysmal levels. The legislation and regulations come after massive reports and investigations showed that the cryptocurrency has been used for illegal activities; one of them is money laundering.
South Korea's New BTC Regulation
According to recent reports, the local South Korean regulators are looking to push and support the digital currency with their proposed “normal cryptocurrency trading”. This is a great news for Bitcoin as previous news and reports from the country have been blatantly about banning the digital currency due to the illegal use its tags.
The South Korean Financial Governor, Choe Heungsik, told local reports their plan of normalizing the whole process of digital asset trading; the governor also ensured that they are doing everything they can with the help of the FSS and their unwavering efforts.
Several Bitcoin trading sites and their CEO’s have responded, Arthur Hayes mentioned that “South Korea did not ban Bitcoin,” and that “We’ve now gone up almost double in the last few weeks, and I think a lot of this is people coming around to the fact that Bitcoin trading isn’t going anywhere.”
While Dennis de Jone also mentions that “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,”
Meanwhile, financial service firm Canaccord Genuity mentions that “Bitcoin’s price history suggests that months of consolidation are followed by weeks of rapid advancement,” and “The safest way to benefit from potential bitcoin price appreciation is to buy and hold for the long term; trying to time it might be too difficult.”
Furthermore, the Bitcoin price for today managed to shoot up as it continues it bullish two-day streak after having one of the worst months ever; the digital currency managed to hit a respectable 3.8% increase to a whopping $11,502 at earlier trading. Analysts expect the coin to strengthen up as South Korea fixes their regulation.
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