Waves surges 44%, XRP 20% And South Korea Regulator Warning

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Last Updated on 27 April 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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Bitcoin bounces back up towards to $54k on the first weekday after a selloff on Thursday and Friday. Stock markets also calmed down and investors seemed eager to pick up the best known cryptocurrency again.

Dogecoin looks quite boring almost as it hovers near the 27 cents mark for two days on end, and is the only major altcoin that is not moving.

Meanwhile South Korea’s top regulator warns that all exchanges could be shut down. It comes after reports that South Koreans are trying to hide their earnings from the state.

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Bitcoin reversal

After a weekend that saw it fall further towards the $47k mark, Bitcoin bounced on Monday and is now trading near the $54k price range. It is quite the comeback for the best known cryptocurrency, although not all analysts are convinced it will remain this positive.

YouTube video

Katie Stockton, managing director of Fairlead Strategies, claimed that her technical analysis showed that Bitcoin would fall further in the coming days and would only be able to find support in the $42k range. It marks one of the first times that the major television channel CNBC offered a technical analysis of Bitcoin on its shows.

Altcoins up

XRP is trading upwards some 20% after it became clear to onlookers that the SEC is now relying on ever more panicky court proceedings in order to try and win its case. The SEC is apparently requesting the judge to be able to look at XRP’s overseas trades, a motion that will normally be rejected. With that, fans of Ripple labs claim that CEO Brad Garlinghouse is edging closer to a win in his court case against the SEC.

WAVES is the winner of today, trading 43% higher than yesterday and trading above $20.

South Korean threats

Eun Sung-soo, chair of the Financial Services Commission (FSC) in Seoul, has threatened to shut down the country’s almost 200 crypto exchanges after the state noticed that more and more of it’s citizens were trying to hide their crypto earnings. In the crypto-crazy country, many people are invested in Bitcoin and have thus cashed a healthy profit.

Under local laws, exchanges are obliged to partner with a bank so that their earning can be reported. Unfortunately for the South-Korean government, so far only 4 exchanges have done so.

Mr Sung-soo threatened that:

There are an estimated 200 cryptocurrency exchanges in the country. But if the current situation continues then all of them could be shut down.