After the tweet by Coinrail, a South Korean based digital exchange platform, reporting a hack, the price of Bitcoin (BTC) dropped by more than 10%. Most other cryptocurrencies followed suit, which led to the crypto market losing over $42 Billion USD. Consequently, the value of the crypto market dropped below $300 Billion.
The massive impact of the selloff continues to ravage the crypto market, yesterday June 10, Bitcoin (BTC) hit a low of $6,647. Yesterday’s value was Bitcoin’s lowest since April 9. Since then, Bitcoin has moved up, as at the time of this writing, BTC is trading at $6,792.83 USD, but still showing a drop of 6.44% over the last 24 hours.
Bitcoin, the largest cryptocurrency currently has a market capitalization estimated at $116.07 billion USD, which is about 50% of its market cap when it hit its all-time trading high in mid-January. Bitcoin’s price drop is the reaction of BTC to the Asian selloff, and the news of the hack on the Korean Exchange; Coinrail which struck the internet last week.
More Bad News for Bitcoin (BTC)
The price of Bitcoin (BTC) and most other digital assets have been through series of beating over the last one week. The news gets worse as Russian Government and Customs bans the import of all mining equipment within the nation. Very cold zones like Russia are preferred by miners, as it reduces the cost of maintenance for miners (cooling devices).
Before the import of mining equipment were banned by a court in Tobolsk last week, a Russian cryptocurrency miner got into trouble with the Customs of the state when he tried to import mining equipment for his personal use. The ban by the Russian court has already been enforced.
Russian citizens have reacted to the ban, appealing to the Tobolsk city court to challenge the actions of the custom officials. Whether the ban will be reversed in the future is currently unknown. The week has not been all gloomy for Bitcoin (BTC), as another country shines a beam of light on Bitcoin.
Bitcoin (BTC) is Now Legal in Thailand
The long standing battle between government and cryptocurrencies has seen some countries veer totally away from cryptocurrencies, while other have resulted to set up regulatory bodies (known as Securities and Exchange Commissions – SEC in most countries). Thailand is one of such countries making progress with cryptocurrencies; the future of money.
Thailand announced on the 14th of May, 2018 Thailand’s the creation of a regulatory framework for initial coin offerings (ICO) and cryptocurrencies to function in the country. Bangkok post reported yesterday that Thailand’s SEC will allow seven cryptocurrencies to be traded, exchanged, used for ICOs in the country.
Bitcoin (BTC) is one of the seven cryptocurrencies to be legalized by Thailand’s SEC, the others include; Bitcoin Cash (BCH), Ethereum (ETH), Ethereum Classic (ETC), Litecoin (LTC), Ripple (XRP), and Stellar (XLM). According to the PR released by Thailand’s SEC, all listed cryptocurrencies are expected within 90 days from the effective date, and must be approved by the Finance Ministry to function in the country.