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Over $100 billion wiped off global cryptocurrency market following talk of South Korea trading ban

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January 11, 2018

Major cryptocurrencies including bitcoin, ripple and ethereum took a hammering Thursday following the news that South Korea could be preparing to ban trading in digital coins.

At 7:25 a.m. London time, bitcoin was down nearly 6 percent, while ethereum fell over 11 percent and ripple took a 9 percent tumble, versus their price a day ago, according to data from Coinmarketcap.com. Many of those coins began to pare losses later in the morning. Ripple was up nearly a tenth of a percent by 8:10 a.m. London time.

South Korean Justice Minister Park Sang-ki said Thursday that the ministry is “basically preparing a bill to ban cryptocurrency trading through exchanges.”

At around 4.50 a.m. London time, a few minutes after news, over $106 billion of value was wiped off of the entire cryptocurrency market when compared to the market capitalization at the beginning of the day on Thursday. It has since pared some of those losses.

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This article was posted: Thursday, January 11, 2018 at 7:00 am

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