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South Korea has enforced new regulations on Bitcoin and other virtual currencies

South Korea has enforced new regulations on Bitcoin and other virtual currencies

The Dow Jones industrial average dropped 327 with UnitedHealth as the biggest decliner. Having their markets and banks back online will allow for a flow of funds back into the crypto space, in a regulated manner. Bitcoin has plummeted and was valued at $10,624, whereas it was priced at $12,771 on January 16.

Right after the news hit the market, the price of Bitcoin fell below $11,000 and Ethereum fell to $1,174.

Ethereum, the second-largest digital currency by market cap, traded about 6 percent lower, near $1,104.

The news comes as part of South Korea's ongoing efforts to rein in the cryptocurrency industry, including an end to anonymous trading, and crystalisation of the applicable tax laws for cryptocurrency.

After the huge losses experienced over the past month or so, cryptocurrency investors now face new fears of a further price decrease brought on by new regulations implemented by the South Korean government on Tuesday.

"The regulatory oversight and the clampdown is really coming to the fore right now", Stephen Innes, head of trading for Asia Pacific at Oanda, said by phone from Singapore.

Kim's comment came after Korean customs announced earlier on Wednesday that it had detected an illegal foreign exchange trading almost $600 million worth of cryptocurrencies. Other cryptocurrencies and Bitcoin- and blockchain-related stocks tumbled as well. In December, the USA derivatives regulator has sent a subpoena to two of the world's largest cryptocurrency platforms, Bitfinex and Tether.

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Nonetheless, other coins among the top 10 most traded could establish themselves as a significant alternative to Bitcoin. Regulators have started to crack down hard on cryptocurrency shops.

"I also want to make sure that consumers understand the issues around cryptocurrencies", Mnuchin said. The subpoena came as watchdogs globally increase their scrutiny of the emerging asset class that it has said is highly vulnerable to manipulation and fraud.

More than 2.2 billion USDT tokens are supposedly in supply, which in theory means the same amount of United States dollars have flowed into the currency to give it its value.

Following this announcement South Korean cryptocurrency prices plunged by around 21 per cent.

He expects ethereum to become the dominant cryptocurrency this year.

Although Bitcoin has receded in value over the last few weeks, it retains its position as a hugely valuable trading mechanism. Samsung said its earnings from the mobile business declined in the December quarter due to higher marketing costs. The Galaxy S9 is expected to be introduced at the Mobile World Congress in Barcelona.

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