This development basically levels out the playing field between the bulls and the bears and ever since the time this was introduced, we have been seeing that the prices are under a lot of pressure and we are no longer seeing the huge bull runs that the traders were used to, for much of last year. Also, the bitcoin industry has come under increased scrutiny all over the world with the regulators tightening the screws all round. Last month, it was the South Korean bitcoin industry that was in the limelight as it was initially feared that they would ban the industry as such.

With the ban in China, South Korea has emerged as a powerhouse in this industry and it generates a lot of trading volume and hence, a ban would have affected the industry a great deal. This led to the prices moving lower for a coule of weeks before the regulators finally clarified their position by beginning to tax the crypto exchanges according to the corporate tax structure that is prevalent over there. This assuaged the feelings of the traders in the market but that did not do much to lift the prices if bitcoin which continued to flounder to close the month.