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As Traders Leave China, Japan Becomes The Largest Bitcoin Market

As Traders Leave China Japan Becomes The Largest Bitcoin Market

Japan is currently ruling the Bitcoin exchange market with 50.75 percent market share of the global Bitcoin Exchange market. According to the analysts, the rise in trading volumes at the Japanese Bitcoin exchange is due to the Bitcoin traders exiting China.

Amidst the strict regulation coming from the Chinese officials asked the bitcoin exchanges and the trading platforms in the country to stop their services by the end of this month, traders are avoiding to take chances with the unpredictable Chinese government. Hence, the trading volumes at the Chinese Bitcoin exchange market has halved within three days, dropping to seven percent from around 15 percent.

The traders shifted to Japanese Bitcoin exchange market soon after the announcement of the country’s three largest Bitcoin exchanges, BTCC, Huboi, and OKCoin were released. The sudden market shift allowed a small term hike in the Japanese trading volume, which led the market to overtake the US by 20 percent in global Bitcoin exchange market share.

Analysts showed towards optimism China’s exit and emphasised that the Chinese government would no longer be able to manipulate the market like it has been doing since 2013.