The price of all the biggest cryptocurrencies, like Bitcoin, Ripple and Ethereum, has fallen, following talks about a South Korean trading ban for digital currencies. Around 106 Billions were burned.
According to CNBC, “At 7:25 a.m. London time, bitcoin was down nearly 6 percent, while ethereum fell over 11 percent and ripple took a 9 percent tumble, versus their price a day ago, according to data from Coinmarketcap.com. Many of those coins began to pare losses later in the morning. Ripple was up nearly a tenth of a percent by 8:10 a.m. London time.”
The south korean market is one of the markets where cryptocurrencies are traded at higher prices than the rest of the world, and with a trade volume of XRP close to 30%. In the previous days, due to the Coinmarketcap decision to exclude the South Korean markets from the calculated average, Ripple, but also all other cryptocurrencies, had suffered sharp drops, due to the lack of clarity and panic of most investors.
About the he trading ban, the country’s government did not give concrete details about any potential new legislation, making many investors think that there is the possibility of a fake news, launched to further manipulate the already unstable cryptocurrency market. In the coming days, a confirmation or a denial by the South Korean government is awaited, to clarify their position on digital currencies.
