The News Asia has upload an article that made crypto Twitter dance with joy. Accordingly, South Korea's financial regulatory agencies have approved cryptocurrency transactions.
This comes a day after the Indian Supreme Court rejected the RBI cryptocurrency ban.
Republic of Korea legalized completely Crypto transactions
The revised text that allows cryptocurrencies to transact legally was passed earlier in a National Assembly session. From now on, its citizens are allowed to legally trade and hold digital currencies.
The local blockchain industry is likely to be restructured after this important event. Exchanges will have to comply with reporting requirements. While large exchanges are in the works, smaller platforms are unlikely to receive a license to continue trading.
The news drove crypto Twitter crazy. Leading influencers in the world of cryptocurrencies, such as the famous YouTuber IvanOnTech and commentator Joseph Young have forwarded this news on their site, expressing an attitude of appreciation for Bitcoin and crypto.
BREAKING: SOUTH KOREA LEGITIMIZES CRYPTO
THIS IS HUGE …
Halving is gonna be epic #Bitcoinhttps://t.co/WkgQ62vRFM
– Ivan on Tech (@IvanOnTech) March 5, 2020
“BREAKING: Korean legal cryptocurrency
Too terrible … Halving will make the epic of Bitcoin "
However, Joseph Young called this move a big step, but not important.
"Cryptocurrency regulation adopted today in South Korea legalized this emerging industry locally. Accordingly, AML policies are strengthened and require the exchange to register with the local financial authorities to continue operations. It is an important thing, but not as big as rumors. "
This crypto legislation was supposed to be approved last month, but was stalled due to the coronavirus outbreak.
It is now fully passed with the National Assembly. It was expected to be approved for many months.
– Joseph Young (@iamjosephyoung) March 5, 2020
“Regulations Cryptocurrency legislation was supposed to have been approved last month, but was delayed because of an outbreak Corona.
Now, It was completely passed before Congress and It is expected to be approved in many months".
The event took place one day after the Indian cryptocurrency ban imposed by RBI in 2018 was lifted, leading to a price rise from the community. Many believe that lifting the Indian ban along with halving could boost BTC prices significantly in the long run.
After India -> South Korea legalizing cryptocurrency.
The start. $ BTC #BITCOIN pic.twitter.com/MgkJvfZG1r
– Crypto Michaël (@CryptoMichNL) March 5, 2020
“After India -> South Korea legalized cryptocurrencies.
Price Bitcoin Immediately return to the area 9,000 dollars
Apart from the regulatory-related news in India and South Korea, HTC has also fit announced 5G router can automatically run a full Bitcoin node.
– India becoming positive on cryptocurrencies and lifting the ban.
– HTC announcing a 5G router, which can run a $ BTC node.
– Crypto Michaël (@CryptoMichNL) March 4, 2020
– India became active on cryptocurrencies and lifted the ban.
– HTC announced a 5G router that can run node BTC.
Price increase! "
Now, all eyes are on the BTC price, because the community is expecting it to rise.
9.400 The dollar is at hand
At press time, the leading cryptocurrency is trading at $ 9,109, up 4.01% in 24 hours.
Michael van de Poppe predicts price will breakout. The $ 9,000 area has turned into support. The analyst believes that the price will be heading to $ 9,250 and does not exclude the possibility that $ 9,400 will appear later.
That's's a slight breakout here. Flipping the $ 8,950-9,000 area as support and we can see $ 9,150 / $ 9,250 as next levels.
Showing strength and even $ 9,400 is on the tables.
Meanwhile; $ ICX / $ WAN / $ AION reacting positive on the news from South Korea. pic.twitter.com/s5ufUrIXx7
– Crypto Michaël (@CryptoMichNL) March 5, 2020
"There is a slight breakout here. Flip area 8.950-9.000 Fort support and we can see 9,150 / 9,250 Dollar is the transaction price next.
Show strength and even 9.400 The dollar is at hand.
While, ICX / WAN / AION responded positively to news from Korea".
Trader George tweeted that Bitcoin is strong on the 4-hour chart. So far, BTC is trading sideways, however, he hopes it will reach new highs later.
4h closed damn strong, but we quite not out of the woods yet. Watching how we react around yellow and green levels. Wick into there and a quick selloff and elabll be short targeting low 8k's. Smash above green and I think we go for new highs.
Flat for now. Let's see. pic.twitter.com/UQ1mrAuljt
– George (@ George1Trader) March 5, 2020
"The 4-hour chart plays strong, but Bitcoin is not out of danger yet. Keep track of how prices react around the yellow and green levels. Wick on it and sell off quickly. I will aim to short the lows of the $ 8K zone. Break on the green and I think we will have new heights. Currently the price is flat. Wait and see. "
Co-chairing the podcast Reckless Review – Udi Wertheimer seems skeptical about BTC price. He explained that the 3% increase in Bitcoin caused a real explosion. As such, it is likely that many will begin to predict the coin will break all-time highs this week.
India opens the opportunity to interact with BTC for 1.3 billion people
Blockstack Co-founder Muneeb also commented on the unfinished event of the Indian ban. According to him, India has a population of about 1.3 billion and the country owns more gold than the European Central Bank.
“It's time to introduce digital gold,” he concluded.
India a country with 1.3 billion people lifted their ban on cryptocurrencies.
India holds more gold than the European Central Bank. Apparently hard to get married there without gold gifts.
Appar time to introduce digital gold.#Bitcoin
– Muneeb (@muneeb) March 4, 2020
You can see the price of Bitcoin here.
Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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