Cryptocurrency Market crashes after excluding South Korean Exchange Data

Cryptocurrency Market crashes after excluding South Korean Exchange Data

Cryptocurrency Market crashes after excluding South Korean Exchange Data

News of the bill comes from S. Korea Justice Minister Park Sang-ki.

South Korea has become a hotbed for trading virtual currencies, accounting for around 20% of all global Bitcoin transactions - but that's brought about a number of challenges for the government.

S. Korea is working on a bill that may ban trading of cryptocurrencies. "It has started to resemble gambling and speculation", Mr Park added, citing the fact that bitcoin prices are higher in South Korea than globally - the so-called "kimchi premium".

One of the go-to sources and platforms for monitoring cryptocurrency prices - CoinMarketCap - has caused a bit of uproar in the crypto market after it chose to exclude South Korean exchanges from its data of price average calculations.

According to another Reuters report over the intensifying moves against Korea's bitcoin exchanges, Bithumb and Coinone were raided by police and tax office officials on yesterday and today.

The website shows real-time prices and market capitalisations for more than 1,300 cryptocurrencies and is widely followed by market participants.

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Choi said that the government is ramping up monitoring efforts, and is poised to hold accountable banks for their duty to prevent money laundering. "We have nothing further to say at this moment", she told AFP. While this news isn't good for investors of virtual currencies, it also doesn't mean that a ban is a sure thing.

Yesterday, the home page of CoinMarketCap suggested a huge decline in it the cryptocurrency market where the overall valuations plunged by almost 10% while the price of Ripple, which has been the most talked-after cryptocurrency in last two weeks, declined by almost 30%.

While the community is divided over the issue of leaving Korean exchanges out of the market data, the majority criticized CMC's decision to make such a major change without prior notice.

Ripple has warned its customers to look at multiple data sources before making trading decisions after its XRP cryptocurrency fell from second- to third-largest by market cap because of the change.

A Chinese ban on virtual coin transactions in yuan ended up driving many investors underground, exposing them to greater risks, he said.

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