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.
The above chart (prices as per Coinbase) shows:
Gym weights image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Interested in offering your expertise or insights to our reporting? Contact us at firstname.lastname@example.org. Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
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