A crackdown on crypto exchanges in South Korea caused a crypto correction. With that said, there is no ban in the short term and it is likely domestic exchanges will be regulated and not shut down in the long term.
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Ether (ETH) hit an all time high on January 9th due to a series of events explained below. Unfortunately, most of the rest of the market suffered a correction.
CoinMarketCap dropped three South Korean exchanges from its site data on Jan 7th. This brought the price of all coins down on their platform and it caused a sell-off.
Many altcoins came down from all time highs between Jan 3rd and 5th as Bitcoin made its way from the $14k to $16k zone. This helps us see some historic patterns. NOTE: A historic pattern doesn’t have to occur again, the past can tell us what to look for in the future, but no one . . . read more
Merrill Lynch has banned clients from trading the Bitcoin Investment Trust (GBTC) and Bitcoin futures due to concerns about these Bitcoin related investments.
ETH broke $1k on some exchanges, in part due to news about an update called “Casper” which will move ETH from Proof of Work (PoW) to Proof of Stake (PoS).
In general, when Bitcoin stagnates it gives altcoins a chance to run. The Bitcoin stagnation that started in December 2017 set the stage for an altcoin boom like few before it.
Cryptocurrency is a big deal in South Korea, they are a major force in the market. For this and other reasons South Korea has enacted some sensible regulations on crypto trading.
Bittrex hasn’t been accepting new users since December 15, 2017. They are currently upgrading their systems to meet the increased demand for crypto.
Ripple surpassed Ether to become the #2 cryptocurrency by market cap in the last week of December reaching a market cap of more than $90 billion.