This Is Why If South Korea Deny Banning Bitcoin Will Cross 20K easily, read this helpful article that will answer why this is possible. Thursday starts with a good hope for crypto market and changed red to green. A potential of cryptocurrency trading ban in South Korea have scared many investors away, but some veterans of the young market are challenging, saying restrictions would be relatively easy to circumvent.
The online petition calling the government to reconsider its stance on cryptocurrency regulation was started on the website of the South Korean presidential office on Dec. 28. According to the website of the presidential office on January 16, the petition received more than 212,700 signatures. The minimum required for a government response is 200,000; therefore it is expectation that to react to the requests listed in the petition in the next 30 days.
If South Korea deny banning Bitcoin
If South Korea deny banning Bitcoin than this number of petition individual can be helpful to boost bitcoin and crypto market again. For example if 200,000 people buy back bitcoin at least worth of just 100$ then 200,000X10=20,000,000$. This USD will added back in crypto market. This is a little example, buying worth of 100$ is not a big deal. Not over there, market will boost faster than predictions due to newbies also.
Investing in cryptocurrency has become popular especially among South Korean youth. Since the country’s economic situation that is difficult for the young population. According to Quartz, the youth unemployment hit an all-time high rate of 12.5% in February 2017. Compared to the average overall unemployment rate of 4.2%.
The observation of the South Korean government towards cryptocurrency regulation has been contradictory during the January and December, made particularly confusing by the Justice Minister’s informal proposal of a cryptocurrency trading ban, which was then widely misreported by mainstream media.
Today bitcoin is now fighting for stability and all market charts start with green signals as per current time. But total market capital is still pumping and dumping which were also scary for investors. A great number of people withdrawn their amount to prevent losses but if btc price crosses 13$K, they will be back. This is similar to November when China banned digital currency. But December was a remarkable month for bitcoin and all alt coins.