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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