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The cryptocurrency market experienced yet another major correction for the second time this week, as the price of both major and small cryptocurrencies fell by large margins.
Cryptocurrency Market Endures Large Correction
On January 12, almost immediately after South Korea’s Justice Minister Park Sang-ki falsely claimed that the government is drafting a law to effectively ban cryptocurrency trading, the price of nearly every cryptocurrency in the global market fell in value.
Particularly, cryptocurrencies with their daily trading volumes heavily concentrated in the South Korean market such as Qtum, EOS, and Zcash fell by larger margins.
Subsequent to the initial cryptocurrency trading ban incident, the price of most major cryptocurrencies such as bitcoin, Ethereum, Ripple, Bitcoin Cash, and Cardano plunged, recording over 10 percent in daily losses.
Although the market seemed to recover…