Bitcoin Prices

Why Bitcoin price going down again?

Last month was a good month for Bitcoin. it went from 6,300 USD to 8,000 USD in only a few weeks. That's a far cry from the 17,000 USD it reached last December, but it was still a good run. The problem is that is could be over.

Over the last two days, Bitcoin has fallen drastically. At the time of writing the price is at 7,422 USD which is well below the eight thousand psychological level. The currency still reaches daily high beyond 8,000 every now and then, but the overall performance remains inconsistent if we go by data provided by coinmarketcap.

The whole cryptocurrency market is still under a bearish trend, as it's been for most of the current year, but the other coins have not had even the little bull run Bitcoin experienced. Etheriem, XRP and Bitcoin Cash have lost around 5% in the last few days.

Why is it going down?
Politicians all around the world are starting to notice cryptocurrencies at last, and that has affected prices. South Korea, for instance, is one of the most critical places in the world for digital assets because of the many exchangesw it hosts and the high trading volume it has, especially for Bitcoin. The South Korean government is pondering whether to start taxing crytocurrency exchanges which have enjoyed tax benefits untill now.

Hong Seong-ki, who heads the Korean cryptocurrency response team South Service Commission said that "Cryptocurrency transaction brokerage is not effective in generating added value. In his words,

"While cryto markets have seen rapid growth, such trading platforms don't seem to be well-enough prepared in terms of security"

Mr.Seong-ki then added that,

"We're trying to legislate the most urgent and important things first, aiming for money-laundering prevention and investor protection. The bill should be passed as soon as possible."