South Korea embraced cryptomania

South Korea has become a kind of epicenter of cryptomania, despite the fact that the prime minister had previously warned that crypto-currencies could harm the country’s youth, Bloomberg writes.

South Korea accounted for 20% of world trade in bitcoins over the past 24 hours on exchanges charging fees, according to data from Coinmarketcap.com.

The volume of trading in crypto-currencies in the South Korean won exceeded the equivalent of $ 2 billion on some days.

In late September it became known that South Korea, following the experience of China, decided to toughen the attitude towards ICO and crypto-currencies. The authorities banned the attraction of funds through the initial placement of tokens.

The Commission for the Supervision of the Financial Sector (FSS) decided to get rid of the “gray” zones in the legislation and protect consumers from fraud. The office said that virtual currency trading requires strict monitoring and monitoring.

On December 7, the bitkoin rate updated the maximum, reaching $ 15 thousand. Now the cost of one coin is $ 15,080, according to the data of the Coinmarketcap service.

Capitalization of the first crypto currency exceeded $ 250 billion. For comparison: the current capitalization of bitcoin is already higher than the market value of the American transnational company Visa ($ 248.9 billion).

Over the past day, bitcoin has risen in price by 18%, and over the past seven days its price has increased by more than 40%. Since the beginning of the year, the first crypto currency has risen by about 14 times.

On Asian exchanges, the exchange rate ranges from $ 13,900 to $ 17,500 on the Korean exchange Bithumb. At the same time, on most western exchanges, bitcoin continues to trade in the range of $ 13,900-14,600.

Former hedge fund manager Fortress Investment Group and founder of the hedge fund Galaxy Investment Partners, Michael Novograts, said in late November that the bitcoin rate could reach $ 40,000 at the end 2018

Growth bitcoin contributed to the demand from Asia. Trade bitcoin in the Japanese yen is about 47% of the total trading volume, the CryptoCompare data show. Trade bitcoin in US dollars is about 31%, in the South Korean won – about 6%.