The South Korean Government signals the cryptoworld Bye…Bye… RED Faced Investors clearing Stock, impacts on Crypto World.
It has been a threatening news for all the crypto lovers and traders who are trading in cryptocurrencies as the news of banning cryptos in South Korea by Korean Government has made all SELL-Out their stocks.
The strong rumors coming from all over the world of Banning the Cryptocurrency Market in South Korea. This comes after the Korean Government’s announcements on taking strict measures on cryptocurrencies and hence it has made a very huge impact in the market share of almost all the Digital Assets from past days.
Taking an example of Bitcoin, who has, by today, lost almost 1/3 of the total market capital in recent days. The experts were thinking of Bitcoin breaking the standard of $20,000 USD in a short span of time has, on Wednesday, lowered down to around $10,000 USD, according to CoinMarketCap. This coin was expected to grow to $20,000 USD is now showing a plummet market.
The rise and fall of coins between 10% to 15% a day is very common but when well reputed shares such as Bitcoin and Litecoin, Ethereum, Ripple, etc are going down more than 20% is a matter to worry. These coins are been into this state from more than a week now. It seems that just a decision makes the whole market volatile and violated.
Crypto Market in South Korea
According to digital currency website Coinhills, South Korea is having the third largest market of Cryptocurrency after Japan and United States. No doubt that there are buyers and sellers sitting in other parts such as Bahrain, India, Singapore, United Kingdom and rest but Korea leads.
According to our researchers, there are more than a dozen of Exchanges available in S.Korea and the demand is pretty high, almost 30% compared to all the rest falling at third stage.
The most noticeable thing is this all comes from a land which is populated not even of 50 million people. Almost everyone in the country, especially the youngsters, have fallen for the trading of crypto, buying the virtual currency. This has affected largely to the country and South Korean government stated the Trend as “Illogical”.
The younger generation of the Korean state is very loving to the digital age. They are well verse with the technology, aware of the trends and implications and most importantly they know the use and impacts of technology. This is the sole reason, we think, makes it appealing to the Korean market to explore the digital assets and trading.
Looking on the further factors, the country is well known in providing the high speed internet connections, A-Class infrastructural facilities for IT networks makes is a prominent place to trade cryptos easily and with pace.
WiseApp, a analysis firm has to say that South Korea has adapted to this technology and the users have increased to 2 million in past 3 months which means the growth of more than 14 times then previous. It also says that most of the users are marked to be in their 30s who spends almost 30 minutes on such Apps daily.
We all are much aware of the price rise and positive graphs of most of the currencies in 2017. The media and news channels covering the news all the time and worldwide the concept got hit. This has made most of the people with ideal money or time to either invest money, gamble on cryptos or use the new technology.
However, the economy is South Korea is dripping from last few years and this technology and especially Bitcoin as largely affected the economy negatively in South Korea. Unemployment is prevailing in the country and all seekers are looking for something to try and make money so be it Bitcoin. Means, these people have seen a hope to earn handsome money from Bitcoin and other altcoins and raised their dreams.
Hence the transaction volume of Bitcoin is very high in this country. Due to the statement Bitcoin has faced a heavy impact and the prices are constantly sinking and the coin is going down inspite of bright uses.