Bitcoin Price Stays Heavy Amid Korean Regulatory Reports

Despite the two-way action on the price of bitcoin over the last 24 hours, the bears still appear to have the upper hand.

CoinDesk’s Bitcoin Price Index (BPI) fell to $13,455 yesterday before rising back above $14,900. At that point, it appeared bitcoin (BTC) had found a bottom, but the ascent was cut short at $14,942 and prices fell further to $12,845 at 04:29 UTC – very likely on fears South Korea may soon announce an outright ban on cryptocurrency trading at exchanges.

With South Korea one of the biggest markets for cryptocurrencies, such a ban by the nation would definitely weaken the demand side pressure. As a result, markets reacted negatively to the news.

However, the initial knee-jerk drop in prices came to a halt seemingly due to news reports suggesting South Korea may not be able to implement the new legislation anytime soon.

Reuters stated: “Legislation for an outright ban of virtual coin trading will require a majority vote of the total 297 members of the National Assembly, a process that could take months or even years.”

At time of writing, Bitcoin was trading at $13,7290 – down 4.08 percent from the intraday high of $13,845 (08:59 UTC). As per data source OnChainFX, bitcoin has depreciated by 4.4 percent in the last 24 hours.

The technical charts also favor further downside to prices…

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