Cryptocurrency Trading Ban Downplayed By South Korea – Bitcoin Trading Positive
Feb, 14th 10:56
South Korea’s government gave the strongest signal yet that it will allow cryptocurrency exchanges to keep operating in the country, a welcome development for traders who had feared an outright ban in one of the world’s biggest markets for digital assets.
Talk of a ban in Korea had rattled traders around the world, fueling concern that the country might cut off a key source of demand for Bitcoin and its peers.
Regulators globally are grappling with how to respond to the cryptocurrency boom, with responses ranging from an exchange ban in China to a licensing system in Japan. Korea appears to be leaning toward a more permissive approach that was once feared.
The entire cryptocurrency market will reach a total value of $1 trillion this year, according to the chief executive of a top digital currency exchange.
However, cryptocurrency enthusiasts seemed to be mostly positive about a hearing on cryptocurrencies held by the U.S. Senate Banking, Housing and Urban Affairs Committee last week.
On the technical charts, BTC/USD is trading sideways, below the 20 day, 50 day, 100 day and 200 day moving averages, but above the 9day EMA. The RSI is at 44.36 and the MACD is above the signal line.
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