Bitcoin that is recognized for its volatility is now rising. As a strong face in the latest round of analysis dropping down from global leaders in Davos. It is expected that the Prime Minister of UK Theresa May initiated by suggesting that action on cryptocurrencies is urgently required. In the meeting that was held at Davos, her contemporary, U.K. Chancellor of the Exchequer Philip Hammond, also said that there should be caution on the subject of cryptocurrencies.
It was heard that investing in the cryptocurrency is a gamble from. The words of a governor from the Central Bank of Nigeria. He also went on saying that it may have to be regulated soon. As per some reliable sources, Japan’s Financial Services Agency is not willing to change regulations to allow Bitcoin futures. Their words did little to shake Bitcoin. It was observed that the digital currency was changed a bit and traded near the $11,000 level.
At the end of last year, it was not the case when South Korean regulators came to call. It was found that the South Korean government has stated. That they were eyeing options to clamp down on crypto speculation. Including a potential shutdown of some exchanges in December. This caution allowed the Bitcoin to set into a dizzying downward spiral. Which serves as a catalyst for a rapid sell-off. This has caused the downfall in its price to nearly 50 percent of the record $19,511 it hit earlier in the month.
In the crypto world, the apparently big move is tied to the importance of the South Korean market. It is a fact that Asia’s fourth-largest economy has been the global hub of Bitcoin mania. As per the reliable data, the digital coin trades at a 30 percent premium. According to the prime minister, the South Korean market could corrupt Korean youth soon. However, the threat is for those countries, who are less vital to crypto trading.