Regulator Found Dead at His Home in South has been a leading for over the last year or so in terms of adoption, volumes, and regulatory response. Now one of the top figures in the government associated with regulating cryptocurrency has passed away, with stress suspected to be a contributing cause.
Jung Ki-joon, Head of the Economic Policy Coordination for the South Korean Government, has been found dead in his apartment in Seoul on Sunday morning. According to local reports he most likely passed away on Saturday night before his body was found by his family in the morning.
The official’s death is considered to be a shocking development in Korea as the man was only 52 years old and wasn’t known to be suffering from any life-threatening illnesses. Korean police forces have reportedly begun an investigation into the matter but the exact cause of his death cannot be confirmed until the police get a report from the coroner’s office.
Too Much Stress to Blame?
South Korea became obsessed with all things crypto in 2017 and the local government saw it as its responsibility to protect citizens from the riskier aspects of the rapidly evolving ecosystem, from anonymous trading on exchanges to participating in and more. For a long while the country and its regulatory efforts dominated headlines in both cryptocurrency forums and mainstream media as it was widely speculated to be one of the leading factors in driving the price of bitcoin. ----------------
Total Crypto Market Cap Back Over $500 Bln, Bitcoin Pushes $11K. After a relatively low start to the month in the crypto market, the total market cap of all cryptocurrencies has again broken $500 bln today, Feb. 17, according to CoinMarketCap. The total market cap is currently around $502 bln at press time.
Bitcoin (BTC) has stayed well above the $10,000 mark, currently trading at about $10,830 and up almost 7 percent over a 24-hour period by press time. Ethereum (ETH) is inching closer to passing the $1000 threshold, trading at $969, up almost 3 percent over a 24-hour period by press time.
Total Market Capitalization
Of the top ten coins listed on CoinMarketCap, only Litecoin (LTC) is in the red, down about 3 percent at press time. Earlier week Litecoin saw a surge in price following the announcement of the upcoming launch of a LTC-fiat payment service, and a planned hard fork that Litecoin creator called a “scam”. LTC is currently trading at around $227.
The steady uptick in prices may have prompted by the bullish news that an anonymous trader purchased around 41,000 Bitcoin between Feb. 9 and Feb. 12, worth around $440 mln today, Marketwatch reported. The purchase reportedly brought the BTC address total up to over 96,000 BTC, or little over $1 bln.
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Ebbs Toward $10,000 as Mid-Week Slump
The market’s mid-week slump continued on Thursday, as just three of the index’s 100 largest managed to post single-day increases against the . Following the day’s bearish pivot, the Bitcoin price is at risk of dropping below $10,000, while other top continue to shed.
Altogether, the cryptocurrency took a seven percent hit, declining to $445.2 billion after entering the day at $479.6 billion.
The Bitcoin price returned an index-matching seven percent decline, which forced the value of the flagship cryptocurrency down to $10,274 on . This signifies a more than $1,500 decline since Tuesday when the Bitcoin price appeared poised to punch past resistance at $12,000.
Bitcoin now has a $175.2 billion market cap. This translates into a 39.4 percent market share, which — notably — represents a 0.3 percent increase from its previous-day level, indicating that traders are rotating their holdings back into .
There does not appear to be a definitive trigger for the decline. Perhaps, unsure about the duration of the recovery, wise enough to strengthen their positions when Bitcoin was trading near $6,000 are taking money off the table to secure . Price Above $825
The Ethereum price endured a similar plight, declining about seven-and-one-third percent to reach a present value of $826 on Bitfinex. Ethereum can now claim an $81.2 billion market cap, which translates into an 18.2 percent market share.
Altcoins, meanwhile, failed to capitalize on the struggles faced by the two largest . Just three in the top 100 rose against the , and a variety of top-tier cryptocurrencies could not even keep pace with the index’s seven percent pullback. ------------------
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Japan's DMM Bitcoin Exchange Opens for Business With 7 CryptocurrenciesJapanese internet and entertainment conglomerate DMM Group has launched a cryptocurrency exchange under the brand name DMM Bitcoin. The platform began trading on Thursday January 11.
To commemorate the grand opening, the exchange is giving away 1,000 yen (~$US9) to all customers who open a new account during the campaign period between January 11 to March 11.
Customers can trade on their PC or use an Android or iOS app. The platform supports bitcoin (BTC), litecoin (LTC), ether (ETH), ethereum classic (ETC), nem (XEM), bitcoin cash (BCH), and ripple (XRP). Fourteen currency pairs are available for trading. In addition to the 7 coins trading for yen, 7 crypto-to-crypto trading pairs are offered; they are ETH/BTC, ETC/ETH, XEM/BTC, XRP/BTC, LTC/BTC, ETC/BTC and BCH/BTC.
According to DMM’s announcement, the exchange is using a trading platform provided by Simplex Inc. called “Simplex Cryptocurrency.” This platform offers trading tools for general investors, business management systems, and a dealing system.
Japan's DMM Bitcoin Exchange Opens for Business With 7 CryptocurrenciesSimplex has been providing securities and FX trading systems to major banks and financial services companies such as SBI Holdings, GMO Group, Nomura Securities, Matsui Securities, Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank, and Money Partners Group. The company recently started offering a cryptocurrency trading system and DMM Group is its first customer for the new service.
In addition, a subsidiary of DMM Group is launching a new cryptocurrency exchange. Next Currency Inc announced earlier this week that it has filed with the Japanese financial authority to register a new exchange called Cointap.
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