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Home » Bitcoin in Crisis: How China, South Korea, and India Crippled Crypto Trading
Bitcoin Crypto

Bitcoin in Crisis: How China, South Korea, and India Crippled Crypto Trading

Karly MarieBy Karly MarieFebruary 5, 2018Updated:March 8, 20252 Mins Read
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Bitcoin’s meteoric rise to nearly $20,000 in December 2017 had investors euphoric—until reality hit. By early February 2018, its price had plummeted to under $7,000, as a global crackdown on cryptocurrency trading took hold. Leading the charge? China, South Korea, and India.

China: A Total Crackdown on Crypto

China had already taken steps against crypto in September 2017, banning domestic exchanges and Initial Coin Offerings (ICOs). However, by early 2018, Beijing escalated its war on digital currencies by:

  • Blocking foreign cryptocurrency trading platforms through the Great Firewall.
  • Banning crypto-related ads from search engines like Baidu and social media platforms like Weibo.
  • Forcing banks to step up monitoring of transactions related to cryptocurrency.

China’s rationale? Preventing financial risk and maintaining capital control.

South Korea: No More Anonymity, No More ICOs

South Korea, a hub for cryptocurrency trading, also tightened regulations in early 2018:

  • ICO ban: The government prohibited Initial Coin Offerings, citing fraud concerns.
  • Anonymous accounts outlawed: Cryptocurrency deposits into anonymous bank accounts were blocked, forcing traders to reveal their identities.
  • Government concerns over speculation: With everyday citizens, from college students to housewives, jumping into Bitcoin trading, South Korea feared a growing crypto gambling addiction.

India: A Warning and Possible Ban

While India hadn’t fully outlawed cryptocurrency, the government made its stance clear:

  • Bitcoin would not be recognized as legal tender.
  • A potential ban loomed on using Bitcoin and other cryptos for illegal transactions.
  • Regulators cracked down on exchanges to prevent crypto from infiltrating the official payment system.

Bitcoin’s Market Meltdown

With major economies cracking down, Bitcoin suffered a brutal price correction:

  • From $20,000 in December 2017 to below $7,000 in February 2018
  • Investor panic triggered mass sell-offs, wiping out billions in market value
  • Fear, uncertainty, and doubt (FUD) spread across the crypto world

While U.S. regulators were more lenient, they had also begun targeting fraudulent ICOs and crypto scams, signaling that Bitcoin’s golden age of unregulated trading was over.

What’s Next for Bitcoin?

Bitcoin may be down, but it’s not out. As governments tighten regulations and enforce stricter oversight, the crypto industry faces two choices: adapt to new legal frameworks or risk further crackdowns.

One thing is clear: the days of Wild West crypto trading are over.

Bitcoin Crash Bitcoin price drop February 2018 Bitcoin Regulation China bans cryptocurrency trading China crypto crackdown crypto ban ICO bans India cryptocurrency ban India's stance on cryptocurrency South Korea Bitcoin laws South Korea Bitcoin regulations
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Karly Marie
Karly Marie

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