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As South Korea gives details about Crypto tax- Bitcoin and other cryptocurrencies fall sharply

Jan 23, 2018 Posted /  31043 Views

As South Korea gives details about Crypto tax- Bitcoin and other cryptocurrencies fall sharply

As the analysts were predicting some consolidation and increase in some major cryptocurrencies, the price again fell down sharply on Monday. Bitcoin tumbled to as low as $10,050 marking a loss of about 11 percent in the past 24 hours (as per the data provided by Coinmarketcap) Bitcoin was trading at $10,192 at 4:28 p.m. ET on the leading US marketplaces. Right now the price seems hovering around $10,800- $10,900.

Ethereum again fell below the $1000 level. For a brief period it was trading at $943 levels and at present, it stays at $993.53. Ripple, which is currently the third-largest digital currency by market capitalization, fell about 14.5 percent to $1.18. However, it has recovered a little now at $1.32.

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It is being contemplated that the price decline came after South Korean regulators elaborated about the tax regulations. After the announcement, it emerged out that the government has been trying to restrict the excessive speculation. The Yonhap News Agency said in its English language report that the Republic of Korea government will obtain up to 24.2% of corporate and local income taxes from the cryptocurrency exchanges this year. The news agency further remarked that the government is planning to require cryptocurrency exchanges to share users’ transaction data with banks in a potential move towards taxing cryptocurrency transactions.

It is noteworthy that Bitcoin trading in South Korean won accumulates the 4 percent of the total trading volume. The website showed off the news agency wrote that the Japanese Yen had the biggest share, reckoning about 37 percent in comparison with the U.S. dollar, which had about 33 percent of bitcoin trading volume.

Almost all-digital currencies dipped down in the middle of last week subsequent to anxieties over escalating cryptocurrency regulation in South Korea and China. Bitcoin even dropped below the $10,000 level that it first reached in late November.

Yonhap News last Tuesday, reported that South Korean Finance Minister Kim Dong-yeon also said in a radio program interview that "the shutdown of virtual currency exchanges is still one of the options" the government has. The news followed an announcement in late December the South Korean government is banning new trading accounts, and necessitating users to utilize their real names. Nonetheless, prices had stabilized by the end of last week.

Fundstrat's Tom Lee, a noted Wall Street strategist, raised his price target on bitcoin Thursday and now sees the digital currency hit $25,000 by the end of this year. Lee also said that $9,000 is low for bitcoin and offers a buying opportunity.

Research from accounting giant Ernst & Young released found that more than 10 percent of funds raised through "initial coin offerings" are lost or stolen in hacker attacks.

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Tags: Ethereum bitcoin digital currency South Korea Bitcoin trading Cryptocurrency exchanges cryptocurrency transactions

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