Ethereum falls 18% – South Korea Considers Shutting Down Cryptocurrency Exchanges
Jan, 18th 13:09
South Korea is the third-biggest market in the world for Bitcoin trades, behind Japan and the US. The chief of South Korea’s financial regulator said the government is considering shutting down all local virtual currency exchanges in a national policy committee meeting on Thursday.
“(The government) is considering both shutting down all local virtual currency exchanges or just the ones who have been violating the law,” said Choi Jong-ku, chief of Financial Services Commission, to a question from a parliament member.
Ethereum stood at $960.10 on the Bitfinex exchange as of 08:15 am GMT, paring a bit of its previous losses.
On the technical charts, ETH/USD is trading in the negative zone and below the 50% Fibonacci retracement level (from 495 to 1422). The 20 day EMA has made a negative crossover below the middle band of the Bollinger bands. The RSI is at 47.88 and the MACD is below the signal line.
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