Cryptocurrencies Stage Stunning Comeback After Flash Crash

Monday, January 8, 2018
By Paul Martin

by Tyler Durden
Mon, 01/08/2018

Update (1050ET): Ripple crashed down over 30% after the initial headlines then exploded back higher… and Ethereum is now unchanged on the day…

Amid headlines that South Korean regulators are inspecting 6 banks, including Industrial Bank of Korea, that provide virtual accounts to companies related to cryptocurrency, has sparked selling pressure across the entire space with Ripple down almost 20% today.

Bloomberg reports that South Korea’s Financial Services Commission Chairman Choi Jong-ku said in a speech text:

There’s high possibility cryptocurrency transactions could be used in money laundering.
South Korea to suspend virtual account– related operations of banks if they are found to have broken laws related to cryptocurrency.
Regulator also strengthen probe into cryptocurrency exchanges over price manipulation, money laundering, pyramid scheme.
Side effects of cryptocurrency “serious”; regulator will consider all measures including shutdown of cryptocurrency exchanges.
Cryptocurrency fever in S. Korea is much stronger than other countries; regulator won’t let S. Korea take the lead in abnormal cryptocurrency trading.

And the last few days have seen that Korean exuberance being smashed out of cryptos.

The Rest…HERE

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