The price of bitcoin and other cryptocurrencies has fallen down significantly over the past few weeks due to several factors, one of them being rumors about South Korea placing a blanket ban on cryptocurrency trading.
South Korea was one of the first countries to decide to regulate cryptocurrencies.
"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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South Korea accounts for a significant share of cryptocurrency trading volumes, and the government's intentions to limit or even ban crypto exchanges hit hard the price of Bitcoin and most altcoins.
A better deal for South Korea's cryptocurrency industry might be in the offing as the market regulator changes tack from its tough stance on the virtual coin trade, promising instead to help promote blockchain technology.
Monday, February 19, year of the most popular Bitcoin once again crossed the psychological mark of 11 thousand dollars, according to data from CoinDesk. It is now trading at $11,200, and while it's far away from its all-time high of $20,000 in December, 2017, the cryptocurrency is gaining momentum. However, while the majority of investments have some volatility, the Bitcoin price and value has been all over the place when compared to more traditional financial investments such as stocks. With the recent crash, Bitcoin took nearly all altcoins down with its self, and this showed investors around the world that the high correlation between Bitcoin and other cryptos is highly unsafe.
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Litecoin, the 5th largest cryptocurrency by market value, was 1 of the biggest gainers with a 9.3% rise at $246.03.
At a briefing in January, Jung said digital currencies such as Bitcoin were not a form of legal money, and the authorities would "strongly respond to excessive cryptocurrency speculation and illegal activity".
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It was unclear if the customers realised they were trading the digital asset for zero yen, or were somehow blindsided for a brief moment.