Bitcoin had an insane week owing to Korea, Kraken and many more
Jan 15, 2018 Posted / 3621 Views
The South Korean government and exchanges have been gaining crazy popularity in the crypto-world as the media has been crediting everything, which is happening right now to the Korean episodes. Since last few days, the media have given a lot of limelight to different stories. This also includes European bank Nordea banning employees from holding on cryptocurrency. The Miami city’s annual bitcoin conference stopped accepting bitcoin, citing fees and congestion, and bitcoin haters had a field day.
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Apart from bitcoin conferences Microsoft also announced that it had stopped accepting bitcoin on the similar grounds before changing their words and declaring that it’s now accepting bitcoin again. Bitcoin community was glad about this decision when other things came up.
Many stories have emerged from South Korea this week pertaining to bitcoin and it’s difficult to even sum up and prepare a beginning. First, the Korean officials began urging other nations to support them in limiting crypto trading. It was miscommunicated a lot and morphed into the country’s banks being forced to stop functioning with South Korean crypto exchanges. However, there was an uplifting story, about Japan’s virtual currency girls, writing:
“Their songs incorporate reminders, advice, and warnings related to cryptocurrency trading. The girls receive their salaries in bitcoin and the show’s tickets and merchandise are also sold for the cryptocurrency”.
There was then another story from the Malaysia, which was issuing a cease and desist order on the Copycash ICO. These events are becoming ordinary now as some days ago the SEC perched trading in an ambiguous blockchain firm with no product. It would be reasonable to say the predominant mood in bitcoin this week was one of insecurity, doubts with expansion in Asia, as commanding the market sentiment.
Then came reports from China that the Asian superpower has banned bitcoin mining and South Korea is shunning the exchanges for its anonymous contributions in increasing money laundering. The stories were refuted afterwards and were labelled as an exaggeration, however, the fear was build in the markets, with the price of bitcoin dropping to around $13,000 at its lowest point. Not only this, many of this year’s most hyped altcoins – ripple, Tron, and stellar – lost as much as 25% of their value.
The upside down events continued with the down in Kraken system staying for less than 40 hours while it pursued the troublesome bug in the system. Simultaneous to its return, Kraken guaranteed fee-free trading for all as a means of apology. However, 48 hours since then Kraken still hasn’t approved off withdrawals. It wasn’t the only exchange to encounter halts this week, a number of cryptocurrency exchange abnormalities have surfaced recently, nonetheless, the eccentric tales, continue to flow come from the weird and wonderful world of ICOs.
The difficulty with all this ICO insanity is that implementing systematic thinking to projects doesn’t perpetually work. This week, for instance, the Peatcoin ICO was launched, declaring “Tokenized investment in peat processing and extraction” and these kind of reasons don't work most of the time.
Applancer is an open platform for discussion on all things like Blockchain , Cryptocurrency and Ico news updates. As such, the opinions expressed in this article are the author's own and do not necessarily reflect the view of Applancer .
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