Hello all,
Facts and numbers:
Today, Jan 11 2018 (KST), the govt or Korean financial chief head announced that they will work to close Korean exchanges.
Days ago, they have announced that they are working to tax crypto.
Now, they are adamantly stating they will try to 'end' crypto. Well, at least in Korea.
-This caused an epic flash crash on Upbit, currently the biggest crypto exchange in Korea. More than 40%.
-This also caused Korean Premium to decrease from 45%+ to about 25%.
-This lastly caused bit of panic sell on international exchanges too.
- Now, the flash crash has subdued and is down about 10%-15% before the announcement was made.
BEHOLD: THE SEA OF BLUE
Conclusion:
- This announcement is not 100%. There are many speculations but no 100% decision has been made on closing of the exchanges.
- However, we can expect there will be SOME SORT of intervene from the govt, with the worst being closing of exchanges.
- The Korean Premium isn't going away easily. This 20% premium is still quite large, the previous 50% premium was just insane.
I'm kinda meh about all of this. I'm hoping China enters the market soon. More money there.
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Remember when Chinese govt 'killed' bitcoin too many times back in 2014?
This is all too familiar...
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