The biggest news last week was Korea banning all domestic ICOs and margin trading. However, the market reaction was much calmer this time compared to the China ban a few weeks ago. The market basically shrugged it off within 12 hours and continued the upward trend.
The ban did not restrict Koreans from participating in foreign ICOs, so the impact was limited. I am no expert in the crypto scene in Korea but the ban on margin trading would affect the trading volume and probably lower the volatility of asset prices in Korea.
Right now, cryptocurrency prices in Korea are slightly lower than elsewhere, which is different from the past few months where prices usually trade at a premium in Korea.
Compared to the previous week, Bitcoin price was up 15% to around $4,350 and Ether price also went up 4% to $305.
Other than the Korea news, the week was relatively quiet with more adoption from different countries/companies, which supports the long-term prospects for cryptocurrency as a whole.
P.S. – Last week we teased about a new development for Crush Crypto. We are finalizing the partnership details and it should be out soon, stay tuned!
Developments in the Cryptocurrency World
Korean Financial Services Commision to Ban ICO and Margin Trading in Korea: https://www.bloomberg.com/news/articles/2017-09-29/cryptocurrencies-drop-as-south-korea-bans-icos-margin-trading
Japan Considers Launching J-Coin, Eliminating Cash Before Tokyo 2020 Games: https://cointelegraph.com/news/japan-considers-launching-j-coin-eliminating-cash-before-tokyo-2020-games
US Government declares commitment to blockchain, government uses: http://www.cryptoanalyst.co/2017/09/29/blockchain-in-the-usa-trump-admin-declares-commitment-to-blockchain-government-uses/
Mario Draghi: European Central Bank Has 'No Power' to Regulate Bitcoin: https://cointelegraph.com/news/european-central-bank-president-no-power-to-regulate-bitcoin
Regulated ICOs Arrive: Overstock to Open Exchange for Legal Token Trading: https://www.coindesk.com/regulated-icos-arrive-overstock-open-exchange-legal-token-trading/
Japan’s Telecom Giant Launches Smart Contracts Project, Joins Ethereum Enterprise Alliance: http://www.trustnodes.com/2017/09/27/japans-telecom-giant-launches-smart-contracts-project-joins-ethereum-enterprise-alliance
Korean Game Developer Nexon Acquires Korbit Exchange: http://www.newsbtc.com/2017/09/27/korean-game-developer-nexon-acquires-korbit-exchange-virtual-money-push/
Fidelity CEO says the company is mining cryptocurrencies: https://techcrunch.com/2017/09/28/fidelity-ceo-abigail-johnson-says-the-company-is-mining-cryptocurrencies/
A guide to Ethereum’s Metropolis update: https://blockgeeks.com/guides/ethereum-metropolis/
Articles From Crush Crypto
Analysis of COMSA ICO: https://crushcrypto.com/analysis-of-comsa/
Analysis of Request Network ICO: https://crushcrypto.com/analysis-of-request-network/
Analysis of Enjin Coin ICO: https://crushcrypto.com/analysis-of-enjin-coin/