South Korea intends to support "normal" cryptocurrency trading

South Korea intends to support

Cryptocurrencies have seen strong demand in recent days, and a short time ago Bitcoin was holding above $US11,400 after breaking through $US10,000 earlier this week.

According to CoinDesk's Bitcoin Price Index, at around 07:00 UTC today, the cryptocurrency reached $11,645.12, before dropping slightly again. However, it rebounded on Monday to $11,050, showing a 5% gain.

Bitcoin's recovery continues apace, with prices passing $11,600 in the morning's trading. The figures are set to increase, as the confidence in the cryptocurrency world seems to be on the rise, particularly as the major digital currencies like Bitcoin and Ethereum have seemingly overcome the challenges caused by panic in the market as a result of perceived government legislation against trading and using cryptocurrencies. With the recent crash, Bitcoin took nearly all altcoins down with its self, and this showed investors around the world that the high correlation between Bitcoin and other cryptos is highly risky. The last time it broke the $500 billion mark was in mid-December.

Cryptocurrency prices declined at the start of 2018, which according to analysts was due to bans on virtual currencies imposed by different countries.

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At a meeting with representatives from cryptocurrency exchanges, Choe also said the government will "encourage" banks to work with cryptocurrency exchanges, it is being reported in Korea by Yonhap News. Meantime, the U.S. 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.

South Korea has been an worldwide centre for cryptocurrency trading - but the possibility of new legislation has damaged on the price of bitcoin this year following dramatic rises in 2017.

Ki-joon took on the job of coordinating South Korea's cryptocurrency regulation past year and had been under heavy stress according to friends. However, the year ended on a not too good note for the cryptocurrency market, with the likes of Bitcoin depreciating by over 40%.

Still, the local financial authorities have been tacitly opposed to an increase in cryptocurrency trading volume led by local banks. Among the banks S&P rates, "exposure to cryptocurrencies appears to remain limited".

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