The One Reason Why the Crypto Crash Is Temporary [zero hedge]
KB Financial Group Inc (KB)
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Source: zero hedge
Cryptocurrency prices are tumbling once again overnight with Ripple getting smashed...Bitcoin is back below $12,000 and Ethereum testing down towards $1000...There are no clear catalysts but @IamJosephYoung notes that the South Korean government previously announced that under-aged investors and foreigners will be prohibited from trading cryptocurrency. Korbit is the first one to comply with that policy. Bithumb and Coinone yet to comment on it. Date expected to be February 1, not confirmed yet. Kookmin Bank and some other banks will not provide support for exchanges. But, Shinhan Bank will. Soon, they'll regret giving the entire market to their competitor.And perhaps the pre-emptive impact of that speculative capital leaving the market is triggering these drops.Additionally, headlines in the SCMP suggest further pressures from China...The People’s Bank of China has ordered financial institutions to stop providing banking or funding to any activity related to cryptocurrencies, further
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- KB's page on the SEC website