Bitcoin price gains traction pushes past $9,000: South Korea Responds to Illegal crypto trading petition

  • Bitcoin price up 7.7% to trade above $9,000
  • South Korea government to prevent any illegal acts in cryptocurrency trade

In spite of the news from South Korea, Bitcoin price has achieved one more milestone in the trading session on Wednesday to trade above the $9,000 level. The most popular cryptocurrency by market capitalization has been trading in the range of $8,000 and $8,800 in the past one week. The currency is recovering its value steadily after losing up to 60% of its value in January 2018. BTC/USD is now trading at $9,200 and is by over 7% in the afternoon trading session.

The South Korea government has to day, Wednesday responded to the petition bearing 280,000 signatures. The petition had been filed at the Blue House and sought to demand action against illegal trading activities. The country has become a cryptocurrency trading hub in the past few months. This drove regulators to come up with suggestions to clampdown on digital currencies.

As stated by the Hong Nam-ki, the minister of the office for government policy coordination, “the Government’s basic rule is to prevent any illegal acts or uncertainties regarding cryptocurrency trade, while eagerly nurturing blockchain technology.”

In January 2018, South Korea announced that it was imposing restrictions on cryptocurrency. The people filed a petition against the finance minister, to stop cryptocurrency exchanges from being shut down. The government has now responded to the petition stating that it was going to take a firm stand against illegal acts relating to cryptocurrency trading.

Bitcoin Immediate support is at $8,500 having pushed past the resistance level to form a new resistance at $9,300. The currency is in an upward trend and the bulls are taking control of the trading session on Wednesday afternoon. It the buyers continue to buy Bitcoin, we could see the price hit $9,500 before closing the trading session.

BTC/USD price daily chart

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