Why Cryptos Are Thriving

Two days ago the prices of cryptos went south because of new from South Korea. It was reported that the South Korean government was banning crypto exchanges. This was picked up by mainstream media and it caused a panic. The South Korean government clarified that they simply wanted to regulate the crypto exchanges. They were raiding exchanges that were not complying with regulations. The latest news is that South Koreans are signing petitions demanding that their country's Finance Secretary resign for causing undue panic.

South Koreans are strong supporters of cryptocurrencies. Cryptocurrencies are gaining ground in other countries as well. First, they are being used as a medium of exchange for goods and services. Second, they are seen as investments and third, they eliminate the need for third parties to enable transactions. Companies like EOS, Bitcoin and Ethereum continue to innovate thereby adding credence to their platforms.