South Korean Crypto Exchange Ban (Rumored ) - What will happen next?
Believe me, nothing will happen if south korean authority banned cryptocurrency exchange . It is a true fact that South Korea is the biggest cryptocurrency market. So was China. Can you remember what was happened in China?
Local Regulators from China was ordered to close all Chinese based cryptocurrency exchange within September 30, 2017.
As a result, All the exchanges including the then biggest crypto exchange BTCC announced its closure with september 30. Market Reacted sharply. All the cryptos including Bitcoin price fall below $3000.
coinmarketcap.com
From That moment, What was happened, We know all the story. Bitcoin hits all the high of $20k. Total market cap rose from $100 billion to $600 Billion. I think it is a short-term reaction. Everything will be okay.
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Step by step, if other countries will also ban the cryptos, where will the source of demand be?
Saying that nothing will happen, is not right.
Good article, for anyone in korea looking to unentangle themselves from this fiat linked system, I'd suggest lookign at this article:
https://steemit.com/cryptocurrency/@stingr4y/just-one-of-the-reasons-mining-crypto-is-awesome
Mining can get your cash into crypto without having to go through the likes of bithumb or coinbase. People need to also look at using gold as a vehicle to get coin back into fiat. I might write an article about that soon.. matched betting is also good..
Thank you. That was a good article
The ban has not happened, simply an intention... It is not healthy when you need to pay a premium and bitcoin is resilient to local turbulence in the ecosystem.
The show will go on! It may actually create a healthier picture for the market if SK bans trading since so many coins trade at such a high premium there. Might cut down on arbitrage and the effects of selective data presentation as we saw on Friday as coinmarketcap.com removed Korean exchanges from their metrics. All this publicity is good as we saw last October. It makes people wonder what theyre missing out on if governments are trying to ban it lmao! All good, still hodlin!
HODL
I agree, it is a short term reaction. The closing of exchanges always has a negative effect on the cryptocurrency market, or should I say the ban of exchanges in certain countries!
The market will fair out fine once everything settles.
Look at the market cap. over $670 billion. So crypto is king
Agreed! Just did a post overviewing market cap, what may happen to it etc.
They have been trying to ban cryptocurrency since last year.
Yeah this is true
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