Head of the FSS Signaled a Change in Stance on Cryptocurrency Trading

Bitcoin surging higher after mystery trader buys $344mn in cryptocurrency

Ints Kalnins Reuters

After a crash in January wiped about half a trillion dollars from the market caps of some 1,500 cryptocurrencies tracked by CoinMarketCap, many found a floor in mid-February. The Executive Director of the charitable Foundation the Bitcoin Foundation is poured cool predicts that the cryptocurrency rate can reach 40 thousand dollars and altcoins will be worthless. At time of writing, the bitcoin global average was at $11,462.

Bitcoin saw really bad days at the start of the year. Jung was in charge of coordinating the opinions of various South Korean ministries and offices in preparation for weekly meetings led by Hong Nam-ki, minister of the Office for Government Policy Coordination, the news agency said.

While stocks are tied to the performance of a company, Bitcoin price and value is largely determined by speculation. Since then, regulators have announced such measures as taxation of cryptocurrency exchanges, banning them from issuing new trading accounts. As such, it's not really possible to give an accurate long-term view of the currency.

That price differential may mark returning confidence in South Korea after regulatory actions and statements in recent weeks caused market fears and a resulting drop in prices globally.

Many experts believe that Bitcoin will bounce back, but whether it will surpass - or even come close - to December's near $20000 valuation remains to be seen. Meantime, the USA authorities have begun an investigation of the Bitfinex exchange over its links to Tether, which is rumored to being used to artificially inflate bitcoin prices.

We will continue to monitor this story and make updates if more information as more information comes to hand.

It is worth noting that cryptocurrency values are incredibly volatile and have carried their unpredictable trend into 2018. However, the influence of cryptocurrency is undeniable, and the financial industry and governments alike are starting to worry about the impact the world of crypto may be having on both the investment community and the financial health of the average consumer.

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