Photo: Bitcoin prices plunged more than 20 per cent in the biggest sell-off for more than three years. Cryptocurrencies have been heavily sold off, amid fresh fears of a major regulatory wealth dragons forex exchange in South Korea. US11,000, after the South Korean Finance Minister said in a radio interview that a ban on trading cryptocurrencies was a live option. It follows a sell-off last week when the idea of a law to ban trading was first raised by the Minister.
US20,000 back in December, but it did not suffer as badly as many of its cryptocurrency rivals. Number two by market capitalisation, Ethereum, dropped by more than 25 per cent while Ripple, the number three, dropped by more than 40 per cent. In total, there are now more than 1,400 cryptocurrencies being traded in an increasingly crowded space. The potential impact of a ban in South Korea is expected to be large.
It is one of the biggest markets for trading cryptocurrencies, with college students and housewives all getting in on the action, stoking fears that it has become a type of gambling addiction. It also follows moves in China to clamp down on trading in digital currencies. We asked if the Bitcoin price drop had affected you. Read the discussion in the comments. They were watching other people getting really, really rich and they wanted a piece of it too and I think that’s ultimately where we are at the moment,” he said. You’ve even seen talk out there of people in certain parts of Asia actually remortgaging their house to get extra funds to buy more bitcoins. However, Mr Weston said the rush to get in is being mirror by a panic to get out as the price of the cryptocurrencies tanks.
If you’re going to dance at the disco, if there’s a fire you want to be closest to the exit point,” he said. We’ve seen everyone rushing for the exit points at one time. Not everyone is heading for the exits. In the space of just 10 minutes, five investors put several thousand dollars into a bitcoin ATM in central Sydney to buy more of the cryptocurrency at what they see as discount prices.