Economy

Cryptocurrency Market Stabilizes at $500 Billion, While Bitcoin Maintains at $11000 Level

Cryptocurrency Market Stabilizes at $500 Billion, While Bitcoin Maintains at $11000 Level

The price of Bitcoin reached a maximum of $11,279.18 last Sunday which is the highest since January 30, as reported by CoinDesk's bitcoin price index, an agency that keeps track of cryptocurrency prices from four major exchanges.

The surge had a positive impact on the overall cryptocurrency market, which recorded a valuation of $502 billion on Monday.

Cryptocurrencies like bitcoin and ethereum have rapidly gained popularity among South Korean investors hoping to make quick money. And, it has crossed $500 mark on Saturday.

Ki-joon took on the job of coordinating South Korea's cryptocurrency regulation previous year and had been under heavy stress according to friends.

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Data-Orex is a digital currency company that provides a platform where traders, investors, and users of cryptocurrency can buy and sell different types of cryptocurrencies easily. Numerous leading banks in NY banned the trading of cryptocurrencies through credit/debit cards.

It is common for governments to regulate Bitcoin at the exchange level, but it remains challenging to clamp down on the cryptocurrency because its blockchain denies authorities the tools that they need to easily identify criminal transactions.

South Korea's financial regulator said Tuesday the government will support "normal transactions" of cryptocurrencies, about three weeks after it banned their trading through anonymous bank accounts. "For now, a meaningful drop in cryptocurrencies' market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate". Rather, South Korea is apparently considering its own endorsement framework in giving licenses to digital currency exchanges who play by regulatory guidelines and rules.

"We believe that the future success of cryptocurrencies will largely depend on the coordinated approach of global regulators and policymakers to regulate and enhance market participants' confidence in these instruments", Damak added.


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