There was a Crypto Price Crash on last a few days.
Cryptocurrency investors, traders, miners assume different kinds of reasons.
But till now nobody knows the clear answer of the short-term price crash.
Attention!
From now, I will explain the happening on last days.
↓ These are the basic stories of Chinese & Korean market.
China & South Korea BOOST the whole Cryptocurrency market especially from May 2017.
Chinese, South Korean traders were fascinated to its "Free of Regulations".
As you all know, Chinese investors have a big portion of Litecoin from its start.
Now Chinese investors still have a big part of LTC.
Because of media and the standstill real estate market, Korean investors became aware of Cryptocurrency market.
Ethereum was a Good Taste for Korean investors, traders. (Mostly, Koreans put emphasis on the technical excellence & the cooperation with enterprise.) It led to the explosive invest to ETH.
Let's find out what affects to the short-term Crypto Price Crash.
In China, there are rumors that the new regulations of Cryptocurrency(Bitcoin, Litecoin, Ethereum) will come into effect on 1st week of July.
The regulation comes into effect is highly possible in China so the Chinese investors, traders started to change their BTC, LTC, ETH to fiat money.
For minimizing the loss, they made a rough plan.(Changing the Cryptocurrency to fiat money gradually before the regulation.)
Suddenly, The Problem begins...
The problem was started from South Korea.
Seung Hee Han got a nomination as a Candidate of the Director of the National Tax Service of S.Korea.
(Seoul, South Korea) In 26th June, there was an important debate about cryptocurrency regulation on confirmation hearing.
The below is content of conversation.
Q. Ki Jun Sim(member of the National Assembly) :
In my opinion, Bitcoin per 2600$ reminds me of "Tulip Mania" on Netherlands.
Some countries already made the regulation on Bitcoin.
Plus, Japan officially admitted Bitcoin as money.
I think you should do something about it after becoming the Director.
Be frank with me. Do you agree or not?
A. Seung Hee Han(of the Director of the National Tax Service) :
Absolutely agree.
I will find out after becoming the director officially.
I think put the capital gains tax on Bitcoin will be an answer.
But it will take some time for figuring out.
["Author's message - I reckon that Mr.Sim and Mr.Han do not know much about the Cryptocurrency market. They only mentioned BTC, not whole Cryptocurrency market. They were frequently confused of the words of blockchains as well. Bloody paper administration!"]
Chinese Runout from Korean Exchanges.(Bithumb, Coinone, Korbit)
For avoiding double taxation, Chinese traders changed their Cryptos to fiat money and move the Cryptos to Chinese exchanges from S.Korea exchanges.
And Korean traders were in panic, they started selling the Cryptos(Especially, ETH).
The recovery after the official appoint of Seung Hee Han
Today(28th June), Seung Hee Han was officially appointed as the Director of the National Tax Service of S.Korea.
He declared like below,
"Above all things, I will fight with Tax Evasion. Every year, there is amount of 5.2 billion dollars tax evasion in S.Korea. I will try my best to investigate the tax evasion."
And he said, "About the Bitcoin, we need enough time for figuring out. Firstly, we will investigate the criminals, drug dealers that using Bitcoin. I mean not for everyone for now."
Financial specialists in Korea say, "The regulation on Cryptos in S.Korea won't affect a lot on the market. Because the tax burden for investors, traders is very small."
After this happening, the Korean investors recovering from "panic-sell".
Chinese, Korean exchanges recover the price gradually now.
Conclusion
- China & South Korea BOOST the Cryptocurrency market from May 2017
- Chinese investors changed Cryptos to fiat and bring Cryptos to Chinese exchanges temporarily
- Korean market recover its price after "panic-sell" (caused by the confirmation hearing)
한국어 설명
- 중국과 한국이 2017년 5월을 기점으로 Cryptocurrency 시장을 폭발적으로 성장시킴.
- 중국 투자자들은 가상화폐(암호화화폐)를 일시적으로 현금화시켰고 해외거래소에서 거래하던 가상화폐들을 자국 거래소로 옮김.
- 한국시장은 패닉셀로부터 점진적으로 회복중.
[집필자의 말 - Cryptocurrency 시장에서 거대 투자자들은 정부규제 및 세금부과에 아주 민감하게 반응합니다. 일부 공무원들은 본인들의 "탁상행정"과 섣부른 판단과 언행이 거액투자자 및 소액투자자에게 큰 영향을 미친다는 것을 꼭 유의해야합니다.]
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I realize that there are lots of unclear contents in Cryptocurrency field.
I will try my best to tell the facts from Asian Cryptocurrency market.
Especially S.Korea, China, Japan.
And I will share my various experiences, not only Cryptocurrency.
Please keep watching :)
LTC to the Moon!
https://steemit.com/@fadree
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