Bitcoin/Ether tumbles as digital coins resume slide

shiny bitcoins with stock market background.

Fin 24 – Bitcoin slumped as much as 20%, giving more impetus to a January selloff in cryptocurrencies, after South Korea’s finance minister repeated that the country may ban trading in one of the world’s most active markets.

The largest digital coin was down 16% to $11 755 as of 11:15, the lowest level since late December, according to composite pricing on Bloomberg, bringing an end to its two-day rally. Rival cryptocurrencies also plunged, with Ripple diving as much as 33%.

“The finance minister made it clear they’re definitely considering banning crypto trading – and it’s probably the third-largest market,” said Neil Wilson, senior market analyst in London for online trading platform ETX Capital. “The news is hitting prices and broader sentiment, and it follows China’s move to shutter mines.”

Speculators across the globe are struggling to determine when or how market watchdogs may crack down on an industry that’s decentralised and derives much of its value from anonymous ownership. Many assertions that digital coins represent a bubble have triggered double-digit selloffs over the past year, often to be followed by rebounds.

In South Korea, shutting down cryptocurrency exchanges is still an option, Finance Minister Kim Dong-yeon said in an interview with TBS radio. But measures first needs “serious” discussion among ministries, Kim added, holding out hope for traders that the crackdown won’t go that far.

Kim said there’s irrational speculation and that rational regulation was needed.

Steven Maijoor, chairperson of the European Securities and Markets Authority, said investors “should be prepared to lose all their money” in bitcoin, in a Bloomberg TV interview in Hong Kong. “It has an extremely volatile value, which undermines its use as a currency. And it’s also not broadly accepted.”

The ESMA warned retail investors against initial coin offerings in November and is monitoring developments in cryptocurrencies, Maijoor said.

China, which first began targeting the industry last year, is escalating its clampdown on cryptocurrency trading, particularly online platforms and mobile apps that offer exchange-like services, according to people familiar with the matter.


The Importance of a Last Will and Testament


The Importance of a Last Will and Testament. A Last Will and Testament states what will happen to your assets after death. … The consequences of not having a will are quite serious; the government will divide your property, regardless of your intended wishes.

What happens to your investments when you die? Will they pass to your loved ones, as you would want? An uncomfortable topic to think about, but one that we all need to consider – especially if there are dependants involved.

Did you know?


The rate at which medicine and medical practices are advancing poses a problem if you want your dread disease policy to provide benefits that will still be relevant in many years’ time.

At least one life assurance company has introduced a benefit that provides for the payment of claims when the policy’s original criteria for a particular condition become outdated as a result of medical advancements.

Dread disease policies typically define the medical conditions and the level of severity for which claims will be paid.

The criteria used to establish the legitimacy of a claim often rely on a classification system, a procedure, or a test. The claims criteria will be appropriate when you take out the policy, but they may become outdated over time.

Company X has therefore introduced a new feature on its dread disease policies – Medical Advancement Protection. This benefit provides a set of rules for assessing claims where the original claim requirements have become outdated due to medical advancements.

Medical Advancement Protection ensures you will still be covered for a condition as long as your symptoms would have qualified you to be paid a benefit at the time you took out the policy, and appropriate medical literature shows that the new surgery or procedure is not experimental, is necessary and is superior to the procedure used before.

Contact Light-Insurance for more information on Company X.

Rand powers through R13.30/$ as NDZ campaign suffers triple blow


The rand strengthened more than 1.8% on Friday to below R13.30 to the US dollar amid optimism that Deputy President Cyril Ramaphosa would be victorious in the race for ANC president.

By 16:38 the local unit was trading at R13.26 to the greenback from an intraday low of R13.52 and an overnight close of R13.50/$.

The campaign of Ramaphosa’s strongest opponent Nkosazana Dlamini-Zuma was dealt a triple blow when courts in Bloemfontein (Free State), Pietermaritzburg (KwaZulu-Natal) and the Bonjala region (North West) ruled against branches in those regions.

All the decisions come on the eve of the start of the ANC’s national elective conference on Saturday and the vote for party leader on Sunday evening.

“There is a general optimism in the market that Cyril Ramaphosa is looking like the likely winner of the ANC conference, this after the court decisions about North West and KZN that seem to have dealt a blow for the Nkosazana Dlamini-Zuma campaign,” said TreasuryOne currency dealer Wichard Cilliers.

“We are still of the opinion that it is too close to call and either party can still win the conference,” he told Fin24 by email.

News24 reports that the Free State High Court in Bloemfontein barred several branches from attending the national elective conference after the court nullified the party’s provincial conference.

In Pietermaritzburg, the KwaZulu-Natal High Court granted an application for leave to appeal, brought by the provincial executive committee (PEC) of the ANC, which is led by chairperson Sihle Zikalala.

However, Judge Rishi Seegobin effectively ruled that the PEC would remain dissolved, pending the outcome of the appeal to the Supreme Court of Appeal and any subsequent appeal to the Constitutional Court.

This means that the PEC, which supports Dlamini-Zuma, will lose its 27 voting rights allocated to each province for the ANC’s national elective conference.

Meanwhile, in North West disgruntled ANC members won their court challenge to have the Bojanala regional conference nullified.

The group went to court asking for an order to set aside the 40-branch general meeting and to nullify the regional conference held on September 24.