BITCOIN JAPANESE MARKET TO BE BIGGEST DECISION AFTER CHINA
China's new decision on Bitcoin, did not discourage the existence of this virtual currency in other countries. As reported by cointelegraph.com, Japan is now the largest Bitcoin exchange market with a market share of 50.75 per cent of the global Bitcoin exchange market. Vice Chairman BitFury, George Kikvadze, perform the analysis. He hooked spike in trading volume Bitcoin exchange market in Japan because of the issue of new Chinese regulations against Bitcoin.
According to various market data providers Bitcoin reliable as CryptoCompare, China is now only accounts for about 6.4 percent of the global Bitcoin trading.A twitter account @iamjosephyoung Joseph Young, wrote that CryptoCompare shows that Japan accounts for over 50% of all trades #bitcoin. Chinese traders have moved to Japan. China is less than 7%.Before the ban Bitcoin exchanges nationwide by China applied, digital currency exchange market in the US has consistently ensure its position as the largest market in the world. However, traders turn to Bitcoin exchange market in Japan.
Sudden migration of virtual currency traders have caused a spike in the short term in Japan trade volume, which allows overtaking the US market more than 20 percent share of the global Bitcoin exchange.Contrary to many reports are not positive, leading developers, analysts, researchers and experts in the sector and Blockchain crypto including litecoin creator, Charlie Lee and the billionaire investor Tim Draper express their optimism towards the cessation of Bitcoin exchange market of China.
Lee stressed that the Chinese government can no longer manipulate the market, as it has done since 2013.
Lee said that:
"This is good. China can no longer play the market by banning Bitcoin. Cryptocurrency can not be killed by any country. One solution for centralized exchange is decentralized. "
As highlighted by Lee, exit Bitcoin exchange market in China should really affects approximately 10 to 15 percent of traders in the global Bitcoin exchange market. However, speculators and traders who do not wait to start a massive sell when the Chinese government issued new regulations, which caused a major correction in the price of Bitcoin.
Over the next few weeks, the global Bitcoin exchange market will be stable, as traders moved out of the Chinese market to South Korea and Japan, two markets that have developed regulations, industry standards, and policies that are more efficient significantly to the exchange and the user cryptocurrency .Lee and Draper noted, the closure of the Chinese Bitcoin exchange market can cause global Bitcoin exchange market stabilization, which may be beneficial for long-term Bitcoin.
In Indonesia, trading Bitcoin Bitcoin in Indonesia ( bitcoin.co.id ) is fairly stable at the moment. Despite a price decline a few days ago with a price of about $ 39 million / BTC, but quickly prices go back up to Rp 49 million / BTC time this article was created.