After the crash in the cryptocurrencies last Friday, we reported yesterday that this day offered decent buying prices. Because in Bitcoin, for example, it went from $ 10,500 back up to over $ 16,000, in a very short time! And now there´s the next “bad setback” for Bitcoin and Co. Currently, the government in South Korea has announced that it wants to regulate the trade in cryptocurrencies.
This includes the ban on anonymous trading. The anonymous opening of accounts for the crypto trade should be prohibited. New laws should also allow the authorities to close trading platforms under certain conditions. One can also interpret this prohibition of anonymous trade as simply wanting to act against tax evasion – because the plan for the taxation of capital gains from crypto transactions was recently announced in South Korea.
This message from South Korea is important because South Korea and Japan are the absolute heavyweights in the trading of cryptocurrencies. Bitcoin was $ 15,300 last night, now $ 14,000. This is a minimal and insignificant loss when you look at the big picture of the last few days – that’s the way to put it! And we point out again: Such setbacks due to regulatory restrictions have been quickly put away by the cryptos in recent weeks!
Here you can see in the Bitcoin chart (price since last Thursday) with the crash on Friday, the subsequent rise, and today the “small” relapse by the news from South Korea.
Almost unimpressed you see Ethereum. Like the Bitcoin, the chart shows the relapse on Friday, the subsequent recovery, and this morning only a “small” setback from $ 723 to $ 683.
The cryptocurrency Ripple is even less interested in the news from South Korea. The crash is certainly no longer recognizable in the chart.