South Korea Cryptocurrency: Government's Support Leads to Bitcoin Volume Surge

How will South Korea Regulate

South Korea Cryptocurrency: Government's Support Leads to Bitcoin Volume Surge

You get incredible highs and dizzying lows. However, these strict regulations then saw the price of Bitcoin plummet last month.

Among Bitcoin-related stocks and equities, Bitcoin Investment Trust (GBTC) jumped 13% on the stock market today to recover the 50-day moving average, Marathon Patent Group (MARA) added 0.75% and (OSTK) rallied 3.8%.

Other cryptocurrencies are also not having the steadiest of months.

The cryptocurrency market has been in a stable recovery in the past couple of weeks, once again jumping over the $500 billion mark, data from CoinMarketCap showed.

Almost 5 percent of all bitcoin transactions world-wide past year used the South Korean won, making it the most widely used fiat currency in bitcoin trading after the USA dollar, the Japanese yen and the euro, according to CryptoCompare.

Analysts have a mixed opinion on the future of cryptocurrencies.

"Companies such as IBM, Disney, Walmart and UPS use blockchain technology now", Byrd said.

Vitalik Buterin, the founder of the cryptocurrency Ethereum is less bullish. "If you're trying to figure out where to store your life savings, traditional assets are still your safest bet". I think there is a bit of an element of project fear and a lot of the central banks do feel threatened by Bitcoin but at the same time I think the cryptocurrency marketplace is showing the signs of an out of control bubble. Banks are suggesting that this move is to protect card users.

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While big banks may be unfriendly to digital money, its prospects are likely to ebb and flow with the news cycle and other factors.

Though Litecoin may never beat Bitcoin in market capitalization, it is still one of the top five cryptocurrencies in the market.

This is not the case for Bitcoin.

That kind of loss is scary, but the rapid gains of bitcoin may make the risk worthwhile for some. The South Korean market is very active, and the Bitcoin prices trade higher than anywhere in the world.

A man walks past an electric board showing exchange rates of various cryptocurrencies at Bithumb cryptocurrencies exchange in Seoul, Jan. 11, 2018.

In fact, a few schools even accept bitcoin for tuition. From the inception, about 16.5 million Bitcoins have been produced. There are many factors to consider and plenty of good articles to educate yourself about the technology behind Bitcoin.

An ICO or an Initial Coin Offering is a method of crowdfunding cryptocurrencies, providing capital for crypto startups. According to HanKyoReh, one of South Korea's largest media outlets, the demand for the cryptocurrency is surging now, for the first time since the middle of January.

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