Bitcoin Has Fallen to $10,500 Based on News from South Korea


Published on 23 Jan. 2018
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Bitcoin and other digital currencies lost in value during the Monday trading against a background of the news that this year, the South Korean government is going to collect the corporate and local income tax from cryptocurrency exchanges.

Coinmarketcap.com data show that Bitcoin is traded at $10,446 at the moment, demonstrating a day decrease of 11.4%.

However, the first cryptocurrency is not the only one that experiences the fall.

Ethereum has dropped to under $1,000 and now is traded at $956, with the day decrease of almost 11%. As we can see on the graphics below, the last seven days have been quite interesting for the ether owners.

- due to coinmarketcap.com.

Ripple, which takes the third place at the moment, has been touched by the general tendency as well. A top 3 currency has experienced daily price decrease of 10.5% and is traded at $1.25 at the moment.

- info from coinmarketcap.com.

The price drop at the beginning of the week coincides with the announcement from the Korean government about corporate and local income tax that it plans to collect from the local cryptocurrency exchanges.

According to the news agency Yonhap, cryptocurrency exchanges will be obliged to pay 22% of corporate and 2.2% of local income tax this year, provided that they had a yearly income more than 20 billion won ($18.7 million) last year.

In the conditions of the “bubble” threat and attempting to control the unstable market, national cryptocurrency exchanges will be also made to share the information on users’ transactions with banks at the end of this or at the beginning of the next month.

Data from CoinMarketCap demonstrate a red field among listed digital currencies, the majority of them is influenced by the concern on the potential regulation of the South Korean and Chinese cryptocurrency markets.

One should also mention that the previous correction of the cryptocurrency market has ended as soon as the term of the first futures contracts came to an end. So the present fall of Bitcoin can be caused by the fact that the first futures contracts of the CME are finishing on January, 26. So we can hope that the market will start to grow after that date.

 


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