Bitcoin Price Falls As South Korea Bans New Cryptocurrency Accounts. New rules on shutting down new digital currency accounts will take effect in January. That is what the South Korean government is saying. If this happens, it is going to be difficult for those doing cryptocurrency trading. This statement is courtesy of the commission in charge of the digital money. There is even more. According to the Facebook post by the commission, there are further restrictions.
Bitcoin Price Falls As South Korea Bans New Cryptocurrency Accounts
For many years, Cryptocurrency trading is anonymous. . Starting January, the commission wants traders to use their real names. Above all, this is likely to make trading even harder. In South Korea, you will meet people in the street with electric banners. What is the aim of the people carrying banners? What message is on the banners?
One such a person walks past a crowd of people holding a banner. The message on the flag is the exchange rate for various digital coins. Whether this is a new way of advertising the bitcoin, who knows? After the announcement by the commission, the price of the bitcoin falls on Thursday. According to CoinDesk, the overall fall on Thursday is 11 percent.
The government makes the statement
Before the announcement, the price is at $14, 000. Most noteworthy, this is not the price you can exchange immediately after the government makes the statement. Also, this shows how hard things will be when the new rules start to work. After the commission’s announcement, the price goes down to $13, 611.86. Even if the coin exchanges at $14, 000, that is still low. In fact, that is 25 percent fall this month. Over the past one month, the price of the Bitcoin is rising. At one point before Christmas, the price nearly hit $20, 000. According to CoinDesk, it hits $19, 800. But it doesn’t stay at that peak for long.
In less than 12 hours, prices start going down. It gradually goes down to as low as $10, 400. It is at this lowest point that the coin is again going up. The two bitcoin futures that launch this month do not help much. In fact, they may be the reason for such volatility. No one gives the explanation why a sudden fall after the coin hits high. The South Korean government seems not to stop. It is issuing more threats.
After the Thursday morning statement, there is even more. It says that it will keep an eye on how banks release funds to digital money. The government says it will move swiftly to limit money going into cryptos. In fact, it even means that it will stop any bank that violates the new law.
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Remember that at the start of November, the government put an end opening on accounts. Those that the government says will not have digital money accounts are minors. It also prohibits non-residents from opening accounts. These tough measures are making cryptocurrency trading difficult. Tougher decisions by the government are contributing to the fall of the bitcoin price. But over the year, BTC is proving resilient. It does so some time ago when China enacts tough measures. It will pass this test by South Korea.