The three cryptocurrencies that took the most hit with South Korea’s announcement of banning all anonymous cryptocurrency trading is in this order, bitcoin, Ripple, and ethereum. These virtual currencies have suffered the most this year and just yesterday, bitcoin suffered another crash yesterday after its price went from $11,926 to $10,925 in just a few hours during the evening.Simon Taylor, a blockchain expert thinks all of these is happening because of the government’s interference with ‘a subject that was seen as ungovernable’.Historically, bitcoin was supposed to be decentralised but with everything happening with the South Korean Government and the decision to ban cryptocurrency trading, all we have is centralised exchanges. Taylor went on to say that what we have is the same as a bank. “I’ve seen various estimates that between 20 and 30 percent bitcoin trading has been through South Korea at some point. Same for Ripple and some of the other key currencies.They were holding currency on behalf of anonymous actors. What South Korea has now said is ‘we think there could be fraud, we think there could be money laundering.’ All kinds of bad activity could be happening. If we prevent anonymous people from being on these exchanges then maybe we can reign in some of that.”There are new regulatory noise about Federal Judges in Brooklyn, New York, who wants to rule on the question of what bitcoin truly is and if it can be regulated. This is coming right after the reported cryptocurrency robbery of nearly £380 million in Bitcoin rival NEM which prompted Japan’s financial watchdog to launch an investigation on all exchanges to better prevent future thefts.Bitcoin is trading for $10,894.29 according to the CoinMarketCap with Ripple selling for $1.26 and ethereum for $1,170.56.Jim McCaughan, the Chief Executive Officer of Principal Global Investors has said that bitcoin’s volatility would never come to an end because the virtual currency has no value.Mr McCaughan said that bitcoin will ultimately lose because the current leading cryptocurrency does not have a real coin to back it up.He added that it is too late now for bitcoin to develop a medium of exchange, due to the financial instruments and investments made into it.
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