Bitcoin, Cryptocurrencies Plunge Again
Investing.com – The price of digital currency bitcoin along with other cryptocurrencies came under renewed selling pressure on Monday as concerns over a regulatory crackdown continued to weigh.
was trading at $10,514.00 by 08:55 AM ET (13:55 GMT) on the Bitfinex exchange, off an earlier high of $11,886.
, the world’s second largest cryptocurrency by market cap, was last at $960.9 on the Bitfinex exchange, down around 13%.
Meanwhile, XRP token was trading at $1.21 on the Poloniex exchange, 14% lower on the day.
Prices of digital currencies fell in the previous session after many of India’s largest banks suspended cryptocurrency exchange accounts in a crackdown on digital currency trading.
The State Bank of India, Axis Bank, HDFC Bank, ICICI Bank and Yes Bank were reported to have closed or limiting activity on accounts tied to bitcoin trade.
Elsewhere, South Korea’s Yohnap news agency reported Sunday that the government plans to require cryptocurrency exchanges to share users’ transaction data with banks as part of a clampdown on cryptocurrency trading.
Banks are expected to introduce the system, which will be a “measure of tax enforcement,” late this month or early next month, the report said, citing a single unnamed financial authority official.
Another report by Yohnap on Monday said the government will impose a tax of up to 24.2% of corporate and local income taxes from cryptocurrency exchanges this year.
Last month, the government banned the opening of new virtual accounts for cryptocurrency investors and required virtual currency traders to change their virtual accounts to real-name ones.
South Korea’s government is examining multiple options for cracking down on cryptocurrency trading, including a blanket shutdown of cryptocurrency exchanges and a closure of only the ones acting illegally.
Cryptocurrency trading in South Korea is highly speculative and digital currencies are often traded at a premium, meaning that they are priced significantly higher in the country’s exchanges than elsewhere in the world.
The country is one is one of the largest markets for major coins like bitcoin and ethereum.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.