China Bitcoin Volume is Moving Quickly to Japan
Hi everyone. This article will consider the huge influx of Bitcoin Trading Volume pouring into Japan (making it currently the largest country market for Bitcoin), and its obvious source: China.
Traders Don't Want to Take Risks with China
A lot of explosive Bitcoin news has come from the Chinese government in the past two to three weeks, in two main segments:
- China banned ICOs (Initial Coin Offerings) and asked ICOs to refund investors.
- China is currently requesting Bitcoin exchanges to close their services by the end of September or October.
This is really bad news for Bitcoin, but is also not very good news for Chinese crypto traders. Traders are sick of the unpredictability of the government and don't like its negative stance toward cryptocurrency.
They don't want to take risks in China anymore, and it looks like they've found a good alternative location for their trading.
Japan is Now the Largest BTC Market
Due to many factors but especially traders' dislike of China's crypto policy, Japan is now the world's largest Bitcoin market (in terms of countries). Japan currently possesses almost half (~50%) of the market share of the Bitcoin worldwide market.
Just to drive home the point that traders don't want to trade in China anymore, we also see that China's share of the market is between 6% and 7%, and decreasing.
Previously, the United States was the largest Bitcoin market, but this influx of Chinese trade moving to Japan caused Japan to swiftly overtake that position from the US by a comfortable 20%.
Bitcoin Can't Be Impacted by China Much More
Though China banning Bitcoin exchange isn't good news of any kind, it does show Bitcoin's strength. China can only ban Bitcoin exchanges and services once, and it has just done that. They can't toy around anymore by doing that, so their impact on Bitcoin just about stops here.
China dropping its share of the Bitcoin market might also be good news of other kinds, as it might allow smaller players to step up their game and help stabilize the overall market.
Bitcoin is currently at $3700+ and growing, and it looks like China can't deter its growth anymore.
Thanks for reading,
— @mooncryption
image sources: 1 - CoinCheck.com, edited; 2 - CryptoCompare.com
disclaimer: This post was not meant to be investment/trading advice and should not be taken as such. Do your own appropriate research before investing or trading cryptocurrencies. Thanks :)
great news and great work as well
love this post
please keep posting
:)
upvoted and resteem
Yes indeed, an also will they be back after the election in China in Oktober! ; )
mark my words here!!! ;o)
Also upvote and resteem! :o)
https://steemit.com/@cryptoinvestinfo
@cryptoinvestinfo
your CryptoInvestmentExpert
Thanks :)
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bob-kremton from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
Not good that China banned ICOs
China's ICO ban definitely isn't good, you're right. They're even asking ICOs to refund their investors, which is really hard to do... ICOs are kind of like "crypto startups" so they don't have the funds to refund their investors, and the blockchain/cryptocurrencies make it very hard to reverse payments :(
@mooncryption hope this information is seen by many people so that they get calmed down, and the crypto market continues in green and goes back quickly to $4,900 and then continues its journey to the moon. Thanks for sharing. I just upvoted. @gold84
This post recieved an upvote from minnowpond. If you would like to recieve upvotes from minnowpond on all your posts, simply FOLLOW @minnowpond
Whatever @resteembot resteems, I resteem too!
I am a new, simple to use and cheap resteeming bot
I will automatically resteem posts resteemed by @resteembot until 2017-09-22 00:00:01 +00:00
If you want to read more about me, read my introduction post.
This post was resteemed by @resteembot!
Good Luck!
Curious? Check out:
The @resteembot users are a small but growing community.
Check out the other resteemed posts in resteembot's feed.
Some of them are truly great.
This post has received a 0.63 % upvote from @drotto thanks to: @banjo.
Resteemed to over 4000 followers and 100% upvoted. Thank you for using my service!
Read here how the new bot from Berlin works.
@resteem.bot
common Japan save the market and make the value go up!