South Korea continues to roil the cryptocurrency markets. On Thursday, after Justice Minister Park Sang-Ki announced that the South Korean government was considering making cryptocurrency trading illegal, the broad crypto market suffered another steep sell off. Park during a news conference south park bitcoin Thursday, according to Reuters.
The declaration may have been a bit premature. Officials at the Blue House — South Korea’s version of the White House — clarified later that there would be no trading ban just yet. However, the government continues to tighten rules and oversight to quell the cryptocurrency craze. The question is, why does the global cryptocurrency market care? With a population roughly the size of California plus Arizona, South Korea is hardly an economic giant. But it plays an outsized role in the global cryptocurrency market. South Korea is at the epicenter of the cryptocurrency bubble.
While South Korea ranks 27th globally by population and 11th by gross domestic product, it is the world’s third largest crypto trading market in the world, behind just Japan and the U. Plus, it has more than a dozen exchanges in operation. A South Korean crackdown would certainly merit a pricing backlash. 13,700 bitcoin was going for in the U. Korean exchanges from its price calculations. Understand which cryptos stand to lose in Korea’s crackdown. While bitcoin gets the lion’s share of attention in the U.