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South Korea Taxes Exchanges
We believe that, though the prices have weakened in the short term, this should be good for the crypto industry in the medium and the long term as this would mean that the fears of the crypto exchanges being shutdown are unfounded. These fears would begin to fade in a slow manner and this would be beneficial as more regulation is there, the more it is likely to attract the bigger traders and investors. This is also likely to provide the template for other countries on how they would need to regulate this industry in the medium term. This confidence and removal of uncertainty should help the prices to move up gradually as the demand picks up once again.
The ETH prices have also slipped below the $1000 region on account of these reports but since the morning, we are seeing the ETH market trading in a buoyant manner and just short of the $1000 region as of this writing. Like the BTC market, we believe that the ETH market would also begin to attract some demand in the medium term which should drive the prices higher.
For the rest of the day, expect some consolidation to happen as the market digests the news. The exchanges have also been mandated to not allow virtual accounts and foreign persons to trade and it would take a while for the markets to settle down following this news. Once that happens, the consolidation period is likely to be over and we should see the prices moving up from here.