Japan again became the largest market for Bitcoin with 50.75% share of world trade. This happened after China banned the sale of cryptocurrency and announced that stock exchanges should close by the end of the month. Only OKCoin and Huobi have the two largest exchanges until October 30 because they have not participated in any ICO. At the same time, part of the Chinese traders transferred the trade to Bitcoin from centralized exchanges to group chats. Obviously nothing can stop Battle ...
The US and Japan win
Following the announcement of the ban, Japan ranks first in trading after the US, with the first led by more than 20%. Many traders moved from China to the Japanese and South Korean exchanges and in just three days, the volume of trades in the most crowded country declined twice. At present, only about 6% of the deals with Bitcoin are made in China.
And contrary to the bad predictions, many renowned developers, analysts and experts in the world of cryptocurrency, including Lightcoin creator Charlie Lee and billionaire investor Tim Draper, shared their optimism about closing the Chinese market. Lee emphasized that the Chinese government would no longer be able to manipulate the market as in 2013.
Lee said:
"This is a good thing. China can no longer play with the markets, forbidding Bitcoin. Cryptocurrency can not be killed by any country. One of the centralized exchanges decisions is decentralized ones. I hear the Decred Project team is working on something that will help. "
Bitcoin is stabilizing
As Lee said, the output of the Chinese Battle Exchange should only affect 10-15% of traders across the world. However, speculators and impatient traders led to a huge sale after the Chinese government announced the ban. It is expected that in the next few weeks trade will stabilize as part of Chinese market participants move to Japan and South Korea. These are two countries that have created not only more efficient and efficient regulatory frameworks but also a very high standard of work in the sector.
It is highly probable, as Lee and Draper pointed out, that the closure of China's trade would lead to a stabilization of the global market. In the long run, this would be much better for Bitcoin and the people who use it.
Nothing can stop Bitcoin
At the same time, Chinese traders and investors are not ready to give up Battle. They are currently looking for a way to trade with each other off the stock exchanges. Currently, they deal with group chatting in the Telegram.
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