From ValueWalk
Nothing like waking up on a Monday morning, to see the Bitcoin price falling 10%, right? That is what happened this morning as cryptocurrencies took another hit to start a week. It probably won’t last, and it is already starting to climb back.Read more: http://www.valuewalk.com/2018/01/news-asia-drops-bitcoin-price/Bitcoin Price Drops Because Of South Korea
Yup, South Korea did it again. They dropped a bombshell of a news item and the cryptocurrencies were rocked. Today, it was the fact that they are going start taxing cryptocurrency exchanges at 24.2%. That kind of news always sends a shock wave through the markets. Sometimes there are sell offs that send prices lower and sometimes it’s just a matter of them all being highly speculative to begin with.South Korea was also responsible for last week’s price drop when they continued talk about banning all cryptocurrencies from the country. It seems like they may have walked back on that and decided the government could make money off of them as well. This should actually have been good news for the market. If the South Korean government is now taxing cryptocurrency exchanges, that means they have come to grips with its existence and see a way to coexist with them. They certainly won’t start banning them once they are making a billion Won per year. This should, once it sinks in, send prices back upward.
Well if you were wondering why we see another dip today, here is your answer. Luckily there has already been so much damage done to bitcoin's price by FUD out of Korea lately that there wasn't too much left to drop. Bitcoin is still holding strong above $10K and if we can just string together a few solid weeks without Asia releasing a bunch of overblown negative news we can get 2018 back on track.
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