South Korean cryptocurrency official found dead at home, reports say

South Korean cryptocurrency official found dead at home, reports say

South Korean cryptocurrency official found dead at home, reports say

Bitcoin was up 6 percent, trading above $11,500, the highest it has been in February.

Bitcoin rose above $11,000 on Tuesday for the first time since January as it had previously taken a fall below 70 per cent since the beginning of the year.

On Monday, the government released data showing South Korea's exchanges generated taxable revenues amounting to nearly $650 million in 2017.

Thus, the maximum bitcoin price at auction was 11 042 in the dollar, then dropping to around 10 $ 800 where cryptocurrency and is traded now.

In addition bitcoins are becoming more expensive and other cryptocurrencies.

The surge had a positive impact on the overall cryptocurrency market, which recorded a valuation of $502 billion on Monday. With a Bitcoin price and value of less than $6000 just weeks after that meteoric rise, many who had jumped on the Bitcoin train for the first time were disappointed to see their investment ruined with such a big loss in value. There were fears that a ban on cryptocurrency trading could come into effect, but thankfully the new measures were not as strict as once feared, which has likely had a huge and positive effect on the price of the currency today.

And earlier this month, a South Korean investigation into illegal foreign exchange transactions worth hundreds of millions - including the use of cryptocurrency - found links to Australian-based bank accounts. Meantime, the USA authorities have begun an investigation of the Bitfinex exchange over its links to Tether, which is rumored to being used to artificially inflate bitcoin prices. Kay Van-Peterson, who is an analyst at Saxo Bank went one step further in an interview with CNBC, saying Bitcoin could in fact reach a high of $100,000.

The volatility of cryptocurrency, combined with a widespread lack of understanding of the market, has led many financial experts to warn people to steer clear. "For now, a meaningful drop in cryptocurrencies' market value would be just a ripple across the financial services industry, still too small to disturb stability or affect the creditworthiness of banks we rate". "But many have bought this dip and have added since the rebound and additional regulatory clarity in the United States and Asia".

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