The cryptomarket recently experienced a sudden and brutal free fall (up to $ 30 billion in 10 minutes) after several announcements of legal restrictions on Cryptocurrency and Bitcoin in China and South Korea.
It all started when Finance Minister Kim Dong-yeon said at local radio TBS that South Korea wanted to ban cryptocurrencies, including Bitcoin.
The announcement triggered massive sales by Korean investors who, as a result of panic, immediately took a large part of their investment away.
The South Korean presidential office then tried to calm the fears by saying that it was just a proposal from the Minister of Justice and that no final verdict had been reached.
China has also announced that it wants to eradicate all activities related to cryptocurrency. According to Blooberg, China plans to ban the use of trading sources such as online platforms and cryptocurrency-related applications.
These announcements generated a general panic that strongly contributed to the fall of the price of most cryptocurrencies such as RIPPLE, BITCOINCASH, CARDANO, STELLAR and NEM that fell by at least 20%. Bitcoin lost 10% in a few hours.
Many investors, in this uncertain environment, resold their cryptocurrencies while others, more confident, took the opportunity to buy