How India's Move to Reduce Crypto Trading is Affecting Bitcoin Prices

Posted February 01, 2018

He said: "There are great concerns regarding virtual currencies and justice ministry is basically preparing a bill to ban cryptocurrency trading through exchanges", he said at a press conference.

Among the best-performing digital currencies of past year, Ripple has also been partnering its blockchain technology, aiming specifically towards financial services, and has secured a pair of brand-name partners as a result.

"Protocols to protect investors have been what the cryptocurrency markets have been missing and it's what the legislation in South Korea seeks to implement..." The regulations state that it would only allow the trade of cryptocurrencies from bank accounts with verified names.

Right after the news hit the market, the price of Bitcoin fell below $11,000 and Ethereum fell to $1,174.

Kim's comment came after Korean customs announced earlier on Wednesday that it had detected an illegal foreign exchange trading almost $600 million worth of cryptocurrencies.

"If, afterwards, investors and companies have more legal security working in the ecosystem, it's going to have some short-term downsides, but long term, it's going to have a really, really big boost", Hosp explained. In December, the USA derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, Bitfinex and Tether. There is no doubt that Bitcoin is the most valuable and prominent cryptocurrency at present, but as 2018 unfolds some of the lesser-known variants will attempt to challenge its positioning of supremacy. "This would be of particular relevance to taxpayers that may exceed the Value-Added Tax registration threshold through their bitcoin trades". It is possible that if there are further price fluctuations with Bitcoin and other cryptocurrencies.

He also said wants to be sure consumers understand the issues surrounding cryptocurrencies.

Benjamin Roberts, co-founder and CEO of Citizen Hex, an ethereum-focused start-up, attributed the declines to uncertainty around bitcoin's ability to improve transaction efficiency and the future development of ethereum. "The quick reduction seen in bitcoin should jog memory of investors on how dynamically unpredictable and volatile the cryptocurrency can be".

Samsung's shares surged after announcing a stock split.

More than 2.2 billion USDT tokens are supposedly in supply, which in theory means the same amount of USA dollars have flowed into the currency to give it its value. The country has been trying to tame the heat recently and the South Korean government now believe this is the way to do it. Worth over $1,300 at its recent peak, Ethereum has definitely become the second most viable platform of the cryptocurrency competitors. The company expects the mobile business to improve its earnings.