@xiti - September, bitcoin prices fell below $ 3,900 after showing signs of strong recovery on Monday.



On September 19, Cryptocoinsnews previously reported that bitcoin prices jumped to $ 4,040, rising over $ 440 in a 24-hour period. At that time, global bitcoin markets and investors showed confidence in the medium-term growth of bitcoin.

However, over the past few days, bitcoin has struggled to recover beyond the $ 4,000 mark. Although bitcoin has fully recovered to the point before the Chinese government imposed a national ban on local bitcoin exchanges and trading platforms, it remains stable in the region of $ 3,900 to $ 4,000.

Currently, the global bitcoin exchange market is undergoing restructuring, and most of the trading volume of the Chinese market has shifted to Japan and South Korea. According to bitcoin market data providers such as CryptoCompare, Japan remains the dominant market in the global bitcoin exchange market, with a staggering 49.13 percent market share.

South Korea Following China Becomes the Third Biggest Bitcoin Exchange Market

Moreover, as bitcoin traders and prominent investors Tuur Demeester stated, South Korea is also developing into a powerhouse in the global bitcoin exchange market and cryptocurrency. Today, South Korea officially surpasses the daily trading volume of the Chinese market, controlling 5 percent market share.

On August 12, Demeester revealed that Bittrex is the largest kriptocurrency exchange in trading volume, with Bithumb as the second. However, more recently, Bithumb surpassed Bittrex to become the world's largest crypto trading platform, securing greater trading volumes than the combined Bittrex and Bitfinex.



Although China accounts for only 10 to 13 per cent of global bitcoin trade before the nationwide ban on bitcoin exchanges imposed by the Chinese government, the main markets are still behind the US and Japan. In the past week, South Korea has surpassed China and developed as a major bitcoin exchange market. As Demeester explains, the Bitcoin mass center for its price could be in South Korea, considering it is the third largest market in the world.

Bitcoin Successfully Succeeds With China Bitcoin Exchange Prohibition Saying Experts

So far, the bitcoin industry and the global exchange market have handled very well with China's aggressive government restrictions on bitcoin trading. Kevin Pham, an early investor in bitcoin and Ethereum, writes:

"China will ban Bitcoin and its price is close to $ 4,000." Absolutely no one will believe you if you say that in 2015.

In recent years, the Chinese government's announcement to ban bitcoin or the digital currency aspect caused a price correction of 30 to 40 percent in bitcoin. In the latest case of closure of China's bitcoin exchange market, it hardly impacted the development of midcounch bitcoin prices, given the fact that bitcoin has fully recovered from China's bitcoin exchange ban and showed resilience to market manipulation

"The price of Bitcoin is sustainable because its value does not come from government revenue or regulation, its value comes from the failure of the fiat money system," said BTCC CEO Bobby Lee.