South Korean officials provide much awaited relief for cryptocurrencies

South Korean officials provide much awaited relief for cryptocurrencies


Cryptocurrencies are generally seeing a good day in trading so far

Earlier in the day, South Korean officials said they will focus on transparent cryptocurrency trading rather than outright banning it in the country. They also mentioned that they will seek to actively foster blockchain technology, which is another positive development in the back story for cryptocurrencies and exchanges in the country.

And that’s helping to provide a bit of relief for cryptocurrencies on the day. Bitcoin is now up by 3%, same goes for Ethereum, while Ripple is up by 4% on the day.

Looking at Bitcoin, buyers are finding support at the 100-hour MA (red line) after the break of the trendline support yesterday.

The next resistance level is at $9,080 – where last week’s upside move was rejected at, on 10 February.



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