South Korea vs China cryptocurrency crash: How does this compare?

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The South Korean Justice Ministry's news that it is considering banning Crypto Currency trading saw US$100 billion fall off the crypto market.


In just a few hours, the entire crypto market went into free fall, with over US$100 billion wiped off its market cap, while key currencies such as bitcoin, Ethereum and Ripple lost up to 20% of their value.

To be clear, after some clarification from the South Korean Prime Minister's office, it no longer looks as though South Korea is going to ban crypto trading. The government office said that the Justice Minister's proposed bill was just one option that was being considered around handling crypto, with the other more likely options being tighter regulation.

The South Korean government has become increasingly worried about cryptocurrency as more of its millennials begin to invest large sums of money, fearing that if it crashed it could be an economic crisis.

South Korea's won is the third most traded fiat currency in the world, and accounts for more than 5% of all bitcoin trades, 10% of all Ethereum trades and 15% of Ripple trades.

Here's a chart below that shows the whole cryptocurrency market in the proceeding 24 hours after the government's announcement, including the US$100 billion market cap drop.