Enter the characters you see below Sorry, ripple online currency just need to make sure you’re not a robot. For the second time in less than three weeks, cryptocurrencies suffered a major correction.
The 16 largest cryptocurrencies all saw major price declines over the past 24 hours, according to data from Coinmarketcap. Investors are pointing to South Korean regulators as a possible reason for the latest declines. One of the greatest strengths — but lurking weaknesses — of cryptocurrencies is that they are largely unregulated by governments. This allows people to use them anonymously, which is also why criminals have taken to the online monetary system. But that means any whiff of new government oversight can make investors nervous. Last month, the South Korean government said it would increase its oversight of the digital currency market by banning anonymous crypto accounts and providing measures to shut down exchanges, if needed.
And on Monday, South Korean officials inspected six major local banks, reviewing the institutions’ anti-laundering measures in connection with cryptocurrency trades. Naeem Aslam, chief market analyst at TF Global Markets told Bloomberg. Bitcoin is by definition the most influential digital currency in the market. Yet investors are treating Bitcoin more as an investment than an actual currency these days.