In the wake of the recent uncertainties regarding the Chinese bitcoin and crypto market, the volume of bitcoin traded in the Chinese national currency has fallen dramatically, implying an extreme decline in the overall bitcoin trading volume in the People's Republic. Over the past weekend, Japan has now found its way into the gap left by China, which, according to current data from CryptoCompare, currently accounts for almost half of Bitcoin's sales. The Japanese yen, for example, currently accounts for about 45% of the global trading volume.
At present, it therefore looks as if the Japanese crypto market is the biggest beneficiary of the China crisis. Apparently, many crypto investors have left the Chinese business in a mixture of frustration, fear and resignation for the time being and have shifted their activities across the East China Sea to Japan.
At the same time, the yen is also outstripping the US dollar as the dominant currency to date, which was tied up in the crypto area. The US dollar's trading volume is now only 25% ahead of the Chinese dollar, which had meanwhile fallen below 10%.
This move also fits in well with the consolidation of Bitcoins and the entire crypto market, which has recovered strongly in the last 24 hours and on which almost all crypto currencies have grown consistently in the double-digit range.
Last week, after a number of uncertainties, there was an order to stop trading on China's crypto exchanges by the end of September. The largest stock exchanges OKCoin and Huobi were granted a further month's grace period. The extent to which the Japan Run is only a temporary phenomenon, whether the Japanese market will be able to establish itself as a leader in the long term or whether the US market will regain its dominant position in the long term will be exciting to watch over the next few weeks. In the long term, a consolidation of the Chinese market is even conceivable if China's crypto exchanges reopen in the near to medium term with a regulatory framework.
