Bitcoin And Other Cryptocurrency Is Plunging Dramatically

China to step up cryptocurrency crackdown

Chinese authorities will also aim at individuals and businesses that offer associated services. South Korea has been emerging as a focus for the bitcoin world, influencing global demand for digital currencies. In China and South Korea, in particular, initial coin offerings have rapidly become part of the local, and very popular, gambling culture. The government is now looking to block domestic access to homegrown and offshore platforms that allow for centralized trading. The digital coins are stored in a digital wallet or on the cloud and can be used in transactions.

"Pseudo-financial innovations that have no relationship with the real economy should not be supported", he said.

Bitcoin price will continue to decline for the next few hours owing to the recent revelation by top media sites that China is considering yet another heavy handed measure on cryptocurrency trading.

Regulations introduced for keeping activity of crypto exchanges under control are not a big wonder.

Kim said: "There are no disagreements over regulating speculation", which includes a ban on anonymous cryptocurrency accounts and taxing the income made on virtual currency. Interestingly, Bitcoin has faced a downfall of around 40 per cent since it touched the $20,000 mark in December, leaving industry analysts perplexed.

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A cryptocurrency is a form of digital money that isn't regulated by banks or the government.

Last week, South Korea's justice minister Park Sang-ki had said the country was readying a bill to ban all crypto trading. "We are also tinkering with the option of levying taxes". Until the South Korean government makes a final decision on its stance, cryptocurrency markets are likely to keep falling as traders sell in anticipation of market closure.

Meanwhile, a growing number of securities-related agencies are urging their staffers to abstain from investing in virtual currencies.

The price of bitcoin was sent plummeting 18% as it and other cryptocurrencies yo-yo in value over fears of a wider trading crackdown spurred by renewed potential of South Korean regulatory action. Ripple dived -24% while Bitcoin cash dropped -17%.

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