Bitcoin Slips As South Korea Issues De Facto Ban – Market Cautious

Bitcoin is on a downtrend in face of a de facto ban from the South Korean government and crypto exchange Coinbase embroiling in lawsuits.

The South Korean government has reportedly issued a ban on government officials from holding and trading cryptocurrencies and could be subject to disciplinary actions even their crypto activities have nothing to do with their jobs.

Bitcoin was trading at $11,281.0 by 08:24 am GMT on the Bitfinex exchange, down 2.26% over the previous 24 hours.

Crypto-exchange Coinbase received some attention today as it faced two new class-action lawsuits, with one involving insider trading. The exchange also made headlines last week for handling data of 13,000 users to the Internal Revenue Service.

Separately, the US Marshals Service said today that around 2,170 Bitcoins, worth nearly $25 million, that were seized during the federal criminal, civil and administrative cases would be auctioned off on 19 March 2018.

Elsewhere, three most popular cryptocurrency exchanges Binance, Bitfinex, and Kraken announced to cut Bitcoin withdrawal fees by up to half amidst a backdrop of increased Segwit adoption and transaction batches.

On the technical charts, BTC/USD is trading sideways above all the moving averages (9 day, 20 day, 50 day, 100 day and 200 day). The RSI is at 56.80 and the MACD is above the signal line. Negative bias is dominating the market.

Trade suggestion:

Sell stop at 11044, Take profit at 10682.42, Stop loss at 11159

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