Cryptocurrency Market Endures Large Correction On January 12, almost immediately after South Korea’s Justice Minister Park Sang-ki falsely claimed that the government is drafting a law to effectively ban cryptocurrency trading, the price of nearly every cryptocurrency in the global market fell in value. Particularly, cryptocurrencies with their daily trading volumes heavily concentrated in the South Korean market such as Qtum, EOS, and Zcash fell by larger margins. Subsequent to the initial cryptocurrency trading ban incident, the price of most major cryptocurrencies such as @bitcoin, @Ethereum, @Ripple, @Bitcoin Cash, and @Cardano plunged, recording over 10 percent in daily losses. Although the market seemed to recover shortly after the cryptocurrency trading ban rumors were refuted by the South Korean government and the Blue House, the executive office of President Moon Jae-in, the market suffered another major correction today, on January 15. Within the past 24 hours, the valuation of the cryptocurrency market fell from $742 billion to $683 billion, by nearly $60 billion.Bitcoin, Ethereum, Ripple, Cardano, Stellar, and IOTA recorded almost 10 percent in daily decline, while smaller cryptocurrencies such as Bitcoin Gold and Tron demonstrated larger losses in value. Even cryptocurrencies with trading volumes heavily concentrated in the South Korean market, which tend to trade with high premiums, have plummeted in value. In the South Korean market, the price of bitcoin fell by around 12 percent, while Ripple fell by 12.65 percent.
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