The largest cryptocurrency by market capital is trading at $6,800 as of press time. This is roughly $200 less than the price it was in the last 48 hours and a drop by about three percent. China may be responsible for the recent drop in bitcoin and cryptocurrency-based businesses. All crypto-promotion activities in Guangzhou province have been banned.
Chinese Technology
This news comes after Chinese technology company Baidu had to close all of its crypto-based online chatrooms earlier this week.
Russia is also trying to end crypto’s fate by making any unauthorized cryptocurrency business “criminal.” Russia is looking to track cryptocurrency transactions, especially bitcoin transactions, while banning all forms crypto that are not backed up by fiat.
German Klimenko, a former advisor to President Vladimir Putin, states:
“Coins are being used in gray areas due to anonymity and inability to find the correct sources of transactions… Lawmakers from many countries are concerned about this phenomenon, which was confirmed by our analysis for the president.”
Free Spirits
But there are some free spirits…
- There are some free spirits… 3 U.S. Youth is catching up South Korea, on the other hand, seems to be doing everything possible to become the continent’s top crypto hub.
- Is the public responsible for the switch? South Korea has had a mixed relationship with cryptocurrency. At first, South Korea and digital assets were like two peas within a pod. Due to their popularity and high demand, 25 percent of all cryptocurrency transactions took place in the region. Digital coins were often sold at higher prices on South Korean platforms than elsewhere because they are more popular and in greater demand.
Since then, the nation’s regulators have taken a hostile stance towards crypto. They have banned all initial coin offerings (ICOs) as well as threatened to do so with digital exchanges. Officials are now seeking to create an environment in which cryptocurrencies can be controlled and regulated properly, rather than being banned. They also stated that they are reexamining their decision on ICOs.
The Public
Is the public responsible for the switch?
The South Korean cryptocurrency market grew by more than 100 percent in 2016. Meanwhile, the country’s currency, the South Korean won, is the third most traded fiat currency to bitcoin, just behind the U.S. Dollar and the Japanese yen.
Public involvement in crypto is likely to drive the changes. According to a new report, 33% of South Korean adults own or have invested in digital assets like bitcoin and Ethereum. The same goes for the nation’s youth. Data shows that almost 23 percent of South Koreans aged 20 and older own digital currency. This is more than any other country.
U.S. Youth
According to Coinbase, the largest digital currency exchange in America, this could change. According to the survey, 18% of U.S.-based students own or have owned cryptocurrency at one point. Digital currency’s popularity among young people and students seems to be increasing. Many colleges and universities are now having to make special arrangements to accommodate the growing number of students enrolled in both blockchain-based and bitcoin-based courses.