Governments all over the world have been doing their best to halt the rise of the cryptocurrency markets while legacy marketplaces continue to set record after record.
At the end of December, South Korea put in place new regulatory standards for the use of cryptocurrency. This stopped South Koreans from creating new trading accounts, banned the use of anonymous wallets, and granted the SK government the power to shut down all cryptocurrency exchanges in the country. Today, a petition to stop the government’s crackdown on Bitcoin reached the 200,000 needed signatures for it to merit a response from the SK government.
The petition translates roughly to, “We the citizens were able to have a happy dream that we had never had in South Korea thanks to cryptocurrency, you may think you are protecting the public but we citizens think that the government is stealing our dream.”
The petition reaching the necessary signatures comes on the same day as Finance Minister Kim Dong-yeon was interviewed on a local South Korean radio station, TBS. In that interview he stated that shutting down cryptocurrency exchanges was still, “a live option but government ministries need to very seriously review it…” detracting from the government’s statements last week that claimed South Korea was going to shut down all cryptocurrency exchanges in the country.
China also this week has clamped down hard on cryptocurrency trading as well. Last year it banned cryptocurrency exchanges altogether causing most investors in the country to search out other means of exchange. The Chinese government is now cracking down on those exchanges as well. China also announced today that it is going to shut down all bitcoin mining operations in the country. Last year China was the largest trader of bitcoin and still, today produces the most bitcoin of any country done by mining.
Central governments around the world are doing all they can to shut down cryptocurrency and try to stabilize the absolute control they once had on the world’s financial markets. With South Korea and China being two of the biggest users of Bitcoin uncertainty of its stability due to massive crackdowns have caused investors to start selling off their assets causing an almost 20% drop in price today. This is the lowest Bitcoin has been since the start of last month.
The DOW Jones reached 26,000 today, setting a record for the fastest 1,000 point spike, only 12 days, in its 121-year history. The Dow has climbed almost 8,000 points, about 42%, since the election of President Donald Trump. With the passage of the GOP tax bill and a future promise of a large trillion dollar infrastructure project, the stock-market is seeing it’s fastest growth rates ever.
With this new record spike in the DOW amid heavy government regulation on cryptocurrency will it hit the 30,000 point mark before bitcoin does or will bitcoin make yet another comeback and reach $30,000 before the DOW can?