South Korean cryptocurrency official found dead at home, reports say

South Korean cryptocurrency official found dead at home, reports say

But in a shift from earlier rhetoric - which hinted at an outright ban of cryptocurrency exchanges - Choe Heungsik, governor of South Korea's Financial Supervisory Service, told reporters this week that he wants to see normalised trading of digital assets, and said the FSS is making efforts to do that.

The cryptocurrency's recovery continued post South Korea's financial regulator slackened its stance on cryptocurrencies.

"We expect rated banks to be largely insulated, given that their direct or indirect exposure to cryptocurrencies appears to remain limited", said Mohamed Damak, financial institutions sector lead at S&P Global Ratings.

"While the threat of heavy regulation, or even a total ban on exchange trading, has hovered over Bitcoin in recent weeks, reports this morning that the South Korean government are softening their stance have given traders confidence to buy", said Dennis de Jong, managing director, at online brokerage in Limassol, Cyprus, according to Reuters.

In what can be seen as a major u-turn for the South Korean government, it has come to light that banks in the country will be encouraged to transact with cryptocurrency exchanges. Remarkably, it was trading at just $5,947 at the beginning of February, which shows an increase of a huge 95.19 percent in just a few weeks. The cryptocurrency reached its highest level since last month at over $11,200 on Sunday, before falling to $10,350 by the end of the day. Meantime, the United States authorities have begun an investigation of the Bitfinex exchange over its links to Tether, which is rumored to being used to artificially inflate bitcoin prices.

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Litecoin, the fifth largest cryptocurrency by market capitalization, was one of the biggest gainers with a 9.3 percent rise at $246.03.

The system was also the government's latest measures to curb speculative investment in virtual coins.

The surge had a positive impact on the overall cryptocurrency market, which recorded a valuation of $502 billion on Monday.

The incident comes after hackers stole $530 million in digital money from Coincheck last month, sparking checks by regulators of Japan's other exchange operators, including Tech Bureau.

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