The current drop in the price of bitcoin owes it to the recent legal withdrawal of two countries who have both been key players in the crypto market.
The drop is majorly from two countries viz; South Korea and China.
South Korean officials have moved to place sanctions on trade across the country in cryptocurrencies. The South Korean Minister of finance Kim Dong-yeon suggested that the country might entirely be banned from trading in the currencies, pending a government review. Amidst this, government has said that it's only a suggestion and as such deliberations are needed on the matter. So far this has led about 200,000 people petitioning the government demanding that bitcoin be left to trade legally in the country. This actually proves that there is hope for the South Korean crypto market.
China on the other hand, had initially placed a ban on trading in Bitcoin around September 2017 but became serious in cracking down alternate means of crypto trade recently. However there is a glim of hope for crypto traders as these could be an underground game being played for the common good of the cryptoworld.
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