Category: Cryptocurrency Exchanges

South Korean president: there will be no cryptocurrency ban

The past few days have been turbulent for the cryptocurrency market. The market tumbled from around $700 billion in capitalization to $473 after news that South Korean ministers want to go ahead with the cryptocurrency ban. Now even the South Korean president had to step in to clear up the situation. Moon Jae-in made a statement through his spokesperson, calming the public and reassuring that the country will not ban cryptocurrencies. Task force to review regulation A task force will review the Justice Ministry’s proposal to shut down the crypto trading market and offer improvements. The task force will consist...

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BitConnect folds amid Ponzi scheme allegations, bad press.

Investment platform and cryptocurrency community BitConnect announced in a blog post that it is shutting down. Citing bad press, two cease and desist letters from Texas and North Carolina’s securities boards, and constant DDos attacks, BitConnect will end its lending program. Even though the platform’s investing will end, the blog post suggests that the site will continue to provide news and operate a wallet service. BitConnect claims that they will refund all outstanding loans at a rate of $363.62 USD – an average of the token’s price over the last 15 days. BitConnect’s tokens (BCC) are currently trading at $16.79 USD,...

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Bitcoin tumbles as China and South Korea shake the market

As Bitcoin tumbles today amid news of heavy-handed ban in China and yet another round of regulatory uncertainty in South Korea. At press time Bitcoin had fallen 14.6% currently trading at $12,052, according to coinmarketcap.  Chinese exchange ban Bloomberg reports that Chinese authorities are cracking down on cryptocurrency-related commerce. Investors in China will no longer be able to access foreign exchanges that allow centralized trading. Businesses which engage in cryptocurrency-linked activities will be banned. China moved to shut down local exchanges in late 2017. Similarly, Beijing banned ICOs as well. The move could affect the price of Bitcoin as...

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Market correction: South Korea ban still on the table

All cryptocurrencies have been sliding down after news that South Korean Finance minister said banning trading in digital currencies is a “live option.” In an interview with local radio station TBS, the minister stated that the government is considering forcing people to use their real names when trading and that the ministry is looking for a mechanism to tax crypto trading. According to him, closing exchanges is still on the table, but government ministries need to “very seriously review it”. Bitcoin is currently trading at $11,675.3 and Ethereum at $1,031.23 according to Coinmarketcap. This represents a 24h fall of 15%...

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Coinbase clogging the network. Scalability problems persist

Coinbase may be one of the reasons for network congestion. Scalability problems persist despite some promising fixes to the Bitcoin infrastructure. The problem of high fees and long lead times continue to haunt the most famous cryptocurrency. This time, as Coinbase’s mempool showed, it revealed the space of unconfirmed transactions in the Bitcoin network. Distressing discovery Several Twitter users have discovered that the time of confirmation of a transaction in mempool is correlated with an error that occurred on Coinbase. The exchange informed users about the interruption in BTC traffic on his website. This break lasted about two hours....

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Dowbit News

1. North Korean hackers behind cryptocurrency exchange hacks
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2. Crypto ‘discounts’ ending as market gradually recovers
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3. Crypto prohibition unrealistic says South Korean official
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4. Bitcoin is not a payment system Visa CEO says
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