Bitcoin Rises as Ripple's Attract Fades for Manic Crypto Merchants

Bitcoin: South Korea flags ban on cryptocurrency trading, sending prices plummeting

We will expect Bitcoin to be the market's litmus test for risk appetite this week as investors grapple with the South Korean government's chatter on regulation, with the markets likely to have been a little too sensitive to the comments.

Ripple, the white-hot cryptocurrency that has more than doubled in the past week, fell as much as 39 percent from the all-high reached yesterday. Ripple last week surpassed ether as the world's second-most valuable cryptocurrency after bitcoin.

"This morning we excluded some Korean exchanges in price calculations due to the extreme divergence in prices from the rest of the world and limited arbitrage opportunity". Some investors are deciding to hold their positions and other investors are cashing out of the cryptocurrency market - especially in Bitcoin after it recently reached $19,000-plus.

'Every crypto is priced at a 30 percent premium in South Korea, ' said Greg Dwyer, head of business development at cryptocurrency derivatives exchange BitMex. The digital coin has lost 9.6% of its value in the past 24 hours and its market capitalisation now stands at almost $86 billion.

'South Korea has always had a premium because it's very hard to get cash out of the country, ' said Dwyer. For example, Bitcoin is trading in South Korea is at a 70 percent premium over worldwide rates.

"Right, might be useful to notify people of things like this before or as you execute to avoid crashing the market, thanks", one investor wrote on Twitter.

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"We need regulators to look into the space more closely, the Korean exchanges have become insane in terms of price differences so these regulatory actions would help the price stability", Naeem Aslam, chief market analyst at TF Global Markets, told Bloomberg.

"The most obvious point is how undeveloped the ecosystem supporting bitcoin and cryptocurrency trading still is", said ABC Bullion chief economist Jordan Eliseo.

The total market capitalisation of some 1,300 cryptocurrencies tracked by the website then plunged 20 per cent from around $830bn to $669bn, it has been reported.

Just as bitcoin, the ripple has had some volatility in the past one month. In 2017, XRP soared 35,000 per cent, surpassing bitcoin's surge of around 1,500 per cent. Analysts suggested the move would further contribute to wider market acceptance of the virtual currency.

"You can look at it two ways and say Coinmarketcap taking Korean prices out of their averages makes the performance of bitcoin and cryptos look worse than they otherwise would, [but] the flip side is that in the past they weren't reporting them accurately".

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