If you're an active crypto evangelist and closely monitoring the crypto market for few days then you must be aware of the fact that few weeks ago Bitcoin was trading at a high level of $4600, which is actually an enormous amount for a cryptocurrency known to very small percentage of population. But all of a sudden, a news came and Bitcoin started to fall. With Bitcoin, the whole crypto market also started to fall.

Now, what was that news?

It was the news of China banning ICO's and later on crypto exchange's announcement to shut down crypto trading operations w.e.f 1 October 2017. This news created a mess within the crypto space and all the market started to fall rapidly. A huge sell off caused Bitcoin losing its value and brought it down to $2900, almost $1300 within 1-2 days.

This whole mess created by China's one announcement.

Now, the history is repeating itself when the situation started to improve a little bit.

South Korea Announcement For ICO Banning

Well this time, South Korea has shocked the World when it made this announcement earlier today.

South Korean Financial Supervisory Services (SKFSS) announced that they're going to ban all ICO's conducting within the country effective immediately and no company is allowed to conduct ICO for raising funds through it.

The announcement was made my SKFSS in following words:

“We are worried about adverse effects such as increased risk of fraud, The ICO will be prohibited in all forms. ” JoongAng cites Kim Yong-bum, vice chairman of the Financial Services Commission, as saying (according to a rough translation).

Well, this statement seems very legit and it was officially announced by South Korean Financial Advisory Services itself.

Although, they cleared the fact that only ICO's are going to be banned while the individual investors in cryptocurrencies or all trading activities in cryptocurrencies market will not be affected.

But it doesn't matter much because Crypto market really reacts fast on such type of news and as a result, most alt coins remained in red today. This news impacted the crypto market for sure, although not so severely like China did.

Well, now the Conspiracy part:

Last time when China banned the ICO's then it was rumored that China deliberately made the announcement of ICO's banning in order to make the crypto market fall so that it can buy cheap bitcoins and later sell them at a high price and paid it's deficit.

Now, in South Korea's case it can also be deduced that, may be it is a conspiracy by South Korean government because since the inception of Cryptocurrencies, South Korea supported the Cryptocurrency project as well as ICO's. So, what happened suddenly?

Well, conspiracy or not, this news impacted the value of Bitcoin and Ethereum for sure. Specially Ethereum because South Korea holds the majority of ETH volume and now the ICO's banning will lead to huge sell off and as a result ETH value might fall immeasurably.

So, I would advise all investors and traders to take care of your capital. Crypto market is highly volatile, so make your investment decisions wisely.

Thanks for reading ..!

Author: @cryptonet

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