South Korea Bitcoin Ban.
In a week that super investor, Warren Buffet, suggested Bitcoin and cryptocurrencies would come to a ‘bad end’. Yesterday, Bitcoin was hit with a further correction on trading exchanges with a 14% fall to $12,800 as South Korea announces plans to ban bitcoin and raided leading exchanges.
The news that triggered these further falls was that South Korea, one of the biggest cryptocurrency exchange areas, is to ban cryptocurrencies.
This means that in less than a month it has for the 2nd time crashed down to the $12,600-$12,800 mark from its $20,000 high. That’s a 37% loss if you invested at its peak.
Pressure mounts on cryptocurrencies with seemingly a new blockchain technology launching nearly every day as well as governments, central banks and financial regulators starting to make moves to protect consumers.