Hey cryptotraders!
As you've probably seen in the charts, the cryptocurrency market is currently in free fall. 😮 That is because panicked investors respond to recent news of a potential cryptocurrency crackdown.
Things got bad when South Korea came up with a possible restriction in terms of taxes. And it's reported plan to block domestic access to cryptocurrency trading platforms that enable centralized trading.
Despite the claims made by the South Korean government, they will not be enforcing any cryptocurrency ban in the short term.
Those false alerts still had a massive impact on BTC price. For example, this controversy caused the price of Bitcoin in South Korea to plummet by more than $2,000. And it will likely continue doing so.
However, new speculations tell that stringent regulation could be looming just over the horizon.
What are your thoughts on BTC?
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