Crypto Rebound Continues As South Korea Admits Exchange Shutdown May Be Impossible
Content adapted from this Zerohedge.com article : Source
by Tyler Durden
The rebound from yesterday's lows ahead of the Bitcoin futures expiration continues across the crypto space with Ripple soaring over 50% in the last 24 hours. South Korean headlines continue, ranging from insider-trading accusations to admissions that shutting down crypto is "realistically impossible."
Bitcoin hit $12,000 this morning...
Quite a rebound...
As headlines pour out of South Korea:
Insider-Trading:
South Korean official bought bitcoin and sold it right before the false claim of Justice Minister about a cryptocurrency trading ban. >
Investigation ongoing. Negligence and market manipulation. The official needs to be jailed.— Joseph Young (@iamjosephyoung) January 18, 2018
News1 (Korean Media):
Several employees and officials within the Financial Supervisory Service of South Korea bought and sold bitcoin right before the false "cryptocurrency trading ban" by Justice Minister.
Market manipulation, negligence, and corruption. Investigation ongoing.
— Joseph Young (@iamjosephyoung) January 18, 2018
Shutdown Impossible:
Official: Chairman of South Korean Fair Trade Commission (Joong Ang, the largest mainstream media network in Korea)
"Shutting Down Cryptocurrency Exchanges Is Realistically Impossible. Lack Proper Authority to Do So."
— Joseph Young (@iamjosephyoung) January 18, 2018
Not Government's Problem To Intervene:
Chairman of Fair Trade Commission of South Korea:
Whether cryptocurrency investment is excessive speculation or not, the risk is on the investor, and thus the government should not outright ban economic activity because it is risky. That's for the individual investors to decide.
— Joseph Young (@iamjosephyoung) January 18, 2018
Finally, we note that FundStrat's Tom Lee, who has been a very vocal bull on Bitcoin, says investors should consider Ethereum and Neo as alternatives.
Lee puts a $1900 year-end target on Ethereum, $60 on Ethereal Classic, $225 on NEO.
Ethereum is back above $1000 this morning...
@zer0hedge...lets see the cryptocurrency rate in the market ..little bit grow high compared to the yesterday rate..actuall yesterday lot of false and scary news spreaded around the world and maximun tradings are stopped and investors sell the maximum shares of the cryptocurrency ...so thats the reason yesterday tottall market goes to red mark and in market 60 % investors from chaina and also koria ...depends upon the news of that countries maximum unvesters ready to trade..but we all was saw and here the falls newse of the baned in america and also the bitconnect also banned yesterday ..this news gives strenghth to all these newses...already maximum investors put a legal case about the present issue because of most of money structed in the wallets of crypto..i hope that definately trading will start asuseuall and all we are get profits..thank you for sharing with us...
Right bro,the cryptocurrencies are getting to regain its value.
Yes bro keep patience and wait for some more time..definatley problem will be solve and trading will be done in future asusual...in cryptocurrencies markey up and downs are common..who bear all this situations is a real successful man in this field
Right bro.☺☺
Correct! All this news combined create the run off the cryptos, adding to that the fact that january everybody runs out crypto because we have a rush inside of market on December.
In the last several months, South Korea has accounted for a significant portion of the trading volume in digital currencies such as bitcoin, ethereum and ripple. Earlier this month, ripple prices appeared to plunge in U.S. dollar terms after CoinMarketCap said it was excluding price information from some Korean exchanges due to "extreme divergences in price from the rest of the world."
South Korean regulators have become increasingly vocal in the last few weeks on trying to limit speculation in digital currencies.
that move from coinmarketcap was very strange. No announcement, no nothing - they just did it. Very unprofessional
Yeah bro that was very much unprofessional.
The governments didn't get that if they creates a problem, the people will try to fix this or create another way to get in that.
Yeah bro definitely people will try to fix this.
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I'm sure the petition has quite a bit to do with their statement, but it is good to hear someone with some government finally admitting this.
Crypto can not be shut down, not without shutting down the internet. Even then people could conduct crypto transactions via mesh networks.
If the internet gets shut down cryptocurrencies will be the least of their problems. Whole nations would grind to a halt. Shortly millions of millennials would look up from their play stations and go outside to see what the hell is going on.
The civil unrest and economic ruin that would happen in any sort of internet kill switch scenario is a pretty strong deterrent. Either way, the banksters are going down. If they try to halt crypto trading it will result more hangings I think. That might not be a bad thing but I think they would rather avoid it.
If the internet gets down, this will be the last of the problems!
I also think that cryptocurrencies can not be shut down.
Great post! But I think we should still be a little bit careful, so far this has been a low-volume rebound. If volume doesn't kick in soon, this could be the setup for a perfect bull-trap.. Keeping my fingers crossed, hoping this was just a healthy correction..
Yeah, that is also my fear... If the volume won't going up that means that people don't return to the market. Less demand implies to a huge fall.
I think bitcoin will never go down, my technical analysis says this. I know that South Korea has made a single comment on bitcoin. But I think how people start to know about bitcoin, bitcoin will be rising upwards without South Korea.
this is a very serious problem. Is it possible that a bitcoin bubble will erupt
I don't think so.
Nah... I don't think that, since the price is not a bubble. However, I could be wrong.
Crypto still is unregulated territory, no one know when regulation will become reality. Fact is South Korea does benefit from being a #crypto friendly country. In my opinion #China made a mistake being unfriendly to crypto and it was useless, money simply is beyound borders ;-)
how do you think about bitcoin prices that the end of this there is a decrease,
What is your opinion?
However i think the price of bitcoin will more increase in future.see what happens.
My guess is that bitcoin will fall until the final of January, after that they will pump again.
Present no one say about this because of in every year same thing hapoend in year ending and asusual its recover after some days but present its some dufucult to recover earlier..because of china and koria..if their govts gives permissions and trading done asuseual the price will be grow to the very high...
I wonder what the future of Bitcoin holds? A few online sources say that the value has toppled up to 30%, if not 40% over the last couple of days.
I'm certainly no expert, but I would imagine that any wildly new exchange like this is due to fluctuate, right?
In any event, thank you so much for your analysis, and I shall stay tuned.
PS::
Re-steemed and upvoted, of course!
Later...
0?
Yeah, new exchanges with low volume could get a gap of price.