South Korea’s citizens reacted angrily to a proposed ban on cryptocurrency exchanges, with politicians and residents alike condemning the move.
Privacy-focused cryptocurrency zcash is solidly bid against the dollar and could soon see a spike against bitcoin.
Bitcoin is back around $14,000 and could be in for a phase of rangebound trading as the markets come to terms with regulatory noises from South Korea.
South Korea’s Presidential Office said today that a plan to ban trading cryptocurrencies via exchanges in the nation is still not set in stone.
Despite the two-way action on the price of bitcoin over the last 24 hours, the bears still appear to have the upper hand.
New reports suggest that the South Korean government is intensifying its moves against the country’s bitcoin exchanges.
The 50 percent decline of Ripple’s XRP token from the record highs may have strengthened the bears, but further downside may be limited.
Coinbase has blamed overwhelming demand from buyers for issues experienced during its launch of bitcoin cash trading last month.
Bitcoin is looking weaker on charts today, courtesy of a three-day losing streak, and could drop even lower in coming days.
The price of ether, the native token of the ethereum platform, is bucking the downtrend seen across the top 10 cryptocurrencies.