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Given the scope of influence of the South Korean crypto market and its role in the 2018 downtrend, a legitimization of the sector is likely to have an effect on the global industry.
The cryptocurrency market performance experienced in December 2017 and January2018 seems almost surreal considering the current state of the market.
At the time, BTC hit an all-time high of $20,000 just before the launch of bitcoin futures by the CME and CBOE. Ethereum also reached a new peak of $1,400 sometime in January while XRP also peaked at $3.65.
Around the same time, when Coinbase added bitcoin cash, it hit a peak of $4,000. To show that these were by no means isolated cases, the total crypto market capitalization reached an all-time peak of $826 billion.
South Korea and the Global Crypto Market
An attempt to figure out when the crypto rain started beating the market takes us back to 22ndJanuary, South Korean regulators on this date hinted about the possibility of a ban on anonymous crypto trading. On 30th January the ban took effect and the market has not been the same since.
While this does not imply that the South Korean ban was the cause of the dominant bearish markets that have prevailed since, it offers a glimpse into part of what is ailing the crypto industry.
Crypto traders in South Korea made a significant of the market and it comes as no surprise that a development in the country would affect global industry performance.
The country is currently working on regulations to govern the sector, expected to complete the process before the end of the year.
In view of this, the crypto community is holding its collective breath in hopes that this might have a positive impact on overall market performance.
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