Profit

Bitcoin Prices Fall As South Korea Seeks To Ban Cryptocurrency Exchanges

The cryptocurrency's price has been sliding consistently since past five days when it opened at $17,527.

 Share
EMAIL
PRINT
COMMENTS
Bitcoin Prices Fall As South Korea Seeks To Ban Cryptocurrency Exchanges

Bitcoin prices fall considerably on Thursday


Highlights

  1. South Korea is a big market for bitcoin, ethereum trading
  2. South Korea's plan to ban bitcoin trading triggers its fall
  3. Bitcoin price has been falling consistently since 5 days

Bitcoin prices recovered on Thursday and traded at $14157.19 at 8:46 pm. Earlier in the day, Bitcoin fell $13,461 on the Luxembourg-based Bitstamp and lost $230 billion in just one day. The fall was triggered on the back of South Korea's plan to ban trading in bitcoins and other cryptocurrencies. On Thursday, Park Sang-ki, South Korea's justice minister said that the country is preparing to ban all cryptocurrency trading in the country. It is noteworthy that south Korea is a significant market in the world of cryptocurrency.


Five Things To Know About Plunge In Bitcoin Prices


1. According to CryptoCompare, over one-tenth of ethereum is traded against the South Korean currency won - the second largest concentration in terms of fiat currencies behind the dollar. At the same time, 5% of all bitcoins are traded against the won after US dollar.

2. "There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges," South Korea's justice minister Park Sang-ki said at a press conference.

3. Following bitcoin, Ethereum also falls 12% to trade at $1,200. Ripple, another popular cryptocurrency that stands third after bitcoin and ethereum, loses 14% to trade a $1.74 per coin. Litecoin loses over 5% while NEM loses 10%.

4. It is worth mentioning that the cryptocurrency's price has been sliding consistently for past five days since January 7 when the cryptocurrency opened at $17,527. A day later, the bitcoin fell to $16,476. On January 9, the bitcoin opened at $15,123. On Wednesday, the decline continued with cryptocurrency falling to $14,589.

5. On BitStamp, bitcoin trades at $13,100 on Thursday morning while the 24-hour high figure was $14,973, a difference of 12.5%. In India, a bitcoin can be bought for Rs 10.53 lakh on unocoin, a bitcoin exchange. At the India-based bitcoin wallet Zebpay, the cryptocurrency can be bought for Rs 10.45 lakh and sold for Rs 10.02 lakh.



Get Breaking news, live coverage, and Latest News from India and around the world on NDTV.com. Catch all the Live TV action on NDTV 24x7 and NDTV India. Like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.

NDTV Beeps - your daily newsletter

................................ Advertisement ................................

................................ Advertisement ................................

................................ Advertisement ................................

Top