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Price of Bitcoin Stays Heavy In Spite Korean Regulatory Reports



The price of bitcoin moved all over the place over the last 24 hours but in the end, the bears still had the last say.

Bitcoin tumbled to $13,455 yesterday before rising back above $14,900.

At that point, it appeared bitcoin (BTC) had found a base, but the rise was cut short at $14,942 and prices fell further to $12,845 at 04:29 UTC.

This development came amid fears that South Korea might soon declare an outright ban on cryptocurrency trading at exchanges.

With South Korea one of the biggest markets for cryptocurrencies, a ban by the nation would absolutely reduce the demand side pressure.

As a result, markets reacted negatively to the news.

However, the initial reactive drop in prices came to a stop seemingly due to later reports that explained that South Korea may not be able to apply the new legislation anytime soon.

A report stated: “Legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.”

At time of writing, Bitcoin was trading at $13,7290 – down 4.08% from the intraday high of $13,845 (08:59 UTC). As per data source OnChainFX, bitcoin has faltered by 4.4% in the last 24 hours.

Ripple’s cryptocurrency XRP also dropped off its low as much as 15% after it said it is teaming up with U.S. money transfer giant MoneyGram.

XRP is up 3% Thursday, according to CoinMarketCap.

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