China is the second largest economy in the world, 14.8% of the world economy. China per capita income 15,500 PPP dollars. GDP growth rate in 2016 was 6.7%. It is obvious that Chinese people can buy more than ever before. So China market is very important for global economy. Now one simple decision has significant effect in the world market.
China is even more important in crypto market. Few days back, News of ICO ban effected the crypto market significantly. Almost all cryptos are down by significant percentage. Bitcoin was down by 4%, Ethereum is down by 13%. Only a press release cost billions of dollars.
Again Chinese News outlet published a news regarding proposed ban of crypto exchange. Crypto Market reacted sharply. Again almost all crypto down by significant percentage and Crypto market lost billions of dollars.
Now the question is Does Crypto market totally depends only on China? Answer may be partially true for now. Lot of Chinese are interested in Cryptocurrency. Their decision will effect the market. Huge sell pressure from them causing market to fall and vice-versa.
Korean are also invested heavily on cryptocurrency. Korean Giant kakao are planning to introduced crypto exchange. All other major markets are same.
Indians are also interest in crypto. India is a major economy comprising 2.8% global economy. Recently Hot wallet service provider blockchain.info partnered with Indian bitcoin exchange Unocoin. Among 16.6 millions users of blockchain.info, 1 million are from india. About 2500 Indians are investing in Bitcoin daily.
News Source 1
News Source 2
To my mind, In the long run crypto will not depend only on particular country. Hopefully every country will embrace crypto. The world would be more prosperous, beautiful with the help of this technology.
