Bitcoin prices Fall as South Korea to Ban Crypto traders from using anonymous bank accounts
Jan, 23rd 13:34
South Korea will ban the use of anonymous bank accounts in cryptocurrency trading from Jan. 30, regulators said on Tuesday – a move designed to stop virtual coins from being used for money laundering and other crimes.
Local cryptocurrency traders will not be allowed to make deposits into their virtual coin exchange wallets unless the name on their bank account matches the account name in cryptocurrency exchanges, Kim Yong-beom, vice chairman of the Financial Services Commission told a news conference in Seoul.
Bitcoin slumped nearly 20 percent last week to a four-week low on the Bitstamp exchange, pressured by worries over a possible ban on trading the virtual asset in South Korean exchanges. In Tuesday morning trade, it was up 11.67 percent at $10,360 at 06:57 am GMT.
On the technical charts, BTC / USD is trading in the negative zone and near the lower band of the Bollinger bands. The market is trading below all the moving averages (9 day, 20 day, 50 day, 100 day, and 200 day). Major support is at 9193, which is the 0% Fibonacci retracement level (from 9193 to 19854.45). The RSI is at 36.74.
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