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Korean Crypto Exchanges to Share Data with Banks- Bitcoin Negative -

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Jan, 22nd 14:08

The South Korean government announced that six major banks in the country will be ready to provide services to cryptocurrency exchanges this month. Under the new system, the government requires exchanges to share user data with banks.

“The South Korean government plans to require cryptocurrency exchanges to share users’ transaction data with banks,” an FSC official said.

The Financial Services Commission’s announcement stated that 6 commercial banks, including Nonghyup Bank, Industrial Bank of Korea, KB Kookmin Bank, and Shinhan Bank will have the new system in place from January 30th, 2018, according to the Digital Times. Initially, the system was expected to be implemented around January 20th, 2018.

Currently, Bitcoin is trading at $11672 (8:09 am GMT). The market has bounced back from the 100 day EMA. The RSI is placed below the 42.93 and the MACD is below the signal line. Major resistance is at 11740 which is the 23.6% Fibonacci retracement level (from 9254.5 to 19789).

Trade suggestion

Buy digital Call option between  10678, take profit at 11041, valid until 23:00 GMT January 22