Price of Bitcoin goes down to $12,600 | ETH Drops 10 %
The price of bitcoin has suffered a new fall, going down to $12,600. Apparently, the evolution of bitcoin's price was influenced by the increased intervention of regulators on the South Korean market. Regulators in this country have talked about potentially imposing a ban on cryptocurrency trading.
The price fall was experienced after South Korea's Minister of Justice stated that a complete shutdown of all cryptocurrency exchanges activating in the country could be coming in the future. Local media reported that the Minister of Justice, Park Sang-ki, said that the authority was actually working on some laws that would lead to bans of trading.
There is no wonder that the announcement produced effects on the price of bitcoin, as well as other altcoins, as South Korea actually is among the largest cryptocurrency markets in the world. The country has been looking a lot into the cryptocurrency market and the Ministry of Justice has previously announced intentions to introduce new laws to regulate it.
The price of bitcoin was around $15,000 when it fell down to $12,639. This was actually the lowest value that the cryptocurrency has seen in 2018. Later today, the government of South Korea announced that there will be no ban on cryptocurrency trading, at least not in the near future. Since, the price of bitcoin seems to have gained a bit more value and is currently at around $13,800.
Ethereum also suffered a price drop
Bitcoin was not the only cryptocurrency to have suffered a blow. Ethereum, which reached a new all-time high on January 10, also suffered a decrease. So, on January 10, the price of Ethereum reached $1,410. Currently, the altcoin's price is around $1,210.
However, this does not mean that Ethereum did not have a huge growth in the past few weeks. The altcoin also managed to get back its second place behind Bitcoin, overpassing the value of Ripple.