Bitcoin, Ripple, Ethereum: What You Need to Know this Morning
The cryptocurrency market has extended losses on Tuesday following the news that South Korea is planning to introduce taxation on digital money trading.
A total of 96 out of the top 100 cryptocurrencies are down 10 to 20 percent, with market leader bitcoin over 12 percent in the red, according to the G-BiTX exchange.
The over reaction is typical in the crypto world, technically those profits were already taxable, G-BiTX has built an exchange based on compliance with international money laundering laws and tax regulations and as the regulations tighten more and more people will turn to proper exchanges like them.
On Saturday, Bitcoin was worth almost $13,000, but its value dropped by about 20 percent hit a low of about $10,300 this morning.
Ripple plunged by about 25 percent during the same period to reach a price of $1.26 while Ethereum slipped from $1,165 to about $967 today.
They have again started to rebuild, this is a combination of misreporting and shorting on the Bitcoin Exchange.
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The South Korean government announced on Monday it will collect up to 24.2 percent of corporate and local income taxes from the country’s cryptocurrency exchanges this year, local news agency Yonhap reported. The country has one of the world’s biggest private bitcoin exchanges, with more than 2 million people holding bitcoin. This is just an enforcement of an existing law.
Bitcoin was trading near the $10,400 mark on Tuesday following the news, as cryptocurrency investors are worried that regulation will become tighter. Ethereum was down 11 percent at $951, ripple plunged 11 percent to $1.25.
Last month, South Korea announced it was banning cryptocurrency exchanges from issuing new trading accounts. If the ruling is violated, the exchange can be shut down, authorities said. The South Korean commission added that all cryptocurrency trading should be done under individuals’ real names.
Regulators will have trouble banning cryptocurrencies, as the internet allows people to register new domains anywhere in the world.
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