Earlier today, The head of South Korea’s central bank has ruled out classifying bitcoin as a currency, arguing that cryptocurrencies are a form of commodity instead.

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According to Seoul-Yonhap News, Bank of Korea governor Lee Ju-yeol rejected the idea when asked on Monday whether it’s possible to accept cryptocurrencies as legal fiat. The declaration is the latest official assessment on the tech following a ban on initial coin offerings, this event affect directly the crypto market and push the top 10 markets to lose in value across exchanges platforms .

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Also Bitcoin Gold had a Negative Impact on Bitcoin Price today, because the fork has not been developed very well, and this coin face a lot o security problems .

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Consequently, as highly regarded bitcoin developer Jimmy Song explained, bitcoin investors have started to sell their holdings and temporarily move on to alternative cryptocurrencies (altcoins) to avoid the Bitcoin Gold hard fork.

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image from coinmarketcap

Bitcoin faced today a huge bearish movement, the price crash from 6100 USD dollar to 5500 USD across global exchange service . and now it is traded from 5350 USD to 5500 USD .

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Turbulence in Bitcoin is having a knock-on effect across major altcoins, with the top ten losing up to 5.85 percent in the 24 hours to press time.

image from coinmarketcap

The bitcoin price and others altcoin remain bullish in the long term, in such situation, the best trades to make is to profit from this red days to buy more altcoin for long term holdings .

Bitcoin and others altcoins will recover after that the second hardfork on 16/11/2017, a lot of exchange service from coinbase, bittrex, poloniex and hitbtc, have release a press statement in which they have tell their users that they will support the segwit hardfork .

In this time, Huobi one o the biggest chinese exchange service announce today on twitter that he will resume the trading operation usdt pairs the next week .

Read also :

Crypto markets analysis 21/10/2017

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