Trader Takes a Risk With Bitcoin, Becomes Cryptocurrency Billionaire

Trader Takes a Risk With Bitcoin, Becomes Cryptocurrency Billionaire

Almost 5 percent of all bitcoin transactions world-wide a year ago used the South Korean won, making it the most widely used fiat currency in bitcoin trading after the USA dollar, the Japanese yen and the euro, according to CryptoCompare.

Cryptocurrency traders in South Korea can now rejoice because it pretty much sounds like the country doesn't really want to ban trading in digital assets entirely.

"We expect rated banks to be largely insulated, given that their direct or indirect exposure to cryptocurrencies appears to remain limited", said Mohamed Damak, financial institutions sector lead at S&P Global Ratings.

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A South Korean official who was in charge of devising measures against cryptocurrency speculation was found dead at his home in Seoul on Sunday (Feb 18), according to his office and police.

At a meeting with representatives from cryptocurrency exchanges, Choe also said the government will "encourage" banks to work with cryptocurrency exchanges, it is being reported in Korea by Yonhap News. Officials later clarified an outright ban is only one of the steps being considered, and a final decision was yet to be made. Remarkably, it was trading at just $5,947 at the beginning of February, which shows an increase of a huge 95.19 percent in just a few weeks. During that period Bitcoin's price was trading between about $8,600 and $9,000.

Bitcoin has been pressured this year by a slew of regulatory initiatives around the world, including the incidence of hacks on exchanges.

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There have been incidents of hacks on exchanges while a Tokyo-based cryptocurrency was also involved in the theft of roughly $532.9 million. Other major digital currencies have escalated as well. Ethereum, the second-largest by market value, was down 1.3 percent over the past 24 hours at $935.02, while the third-largest, Ripple, fell 1.6 percent to $1.13, according to cryptocurrency price tracker coinmarketcap.com. That, coupled with news of increasing regulation and government oversight, hammed cryptocurrency prices.

Zaif, an exchange run by Osaka-based Tech Bureau Corp, said on Tuesday a problem in its price calculation system allowed seven customers to trade a cryptocurrency with no yen value for around 20 minutes on February 16.

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