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Bitcoin -next station Japan !
Editorial Team

Recent developments in the Chinese market and the immediate, massive exit of Bitcoin marketers, redefine Japan as largest Bitcoin trading market. The share of the Japanese market is 50.75% of the world market in Bitcoin exchanges.

As you may already know, last week, Chinese financial regulators announced that they had to shut down all Bitcoin currencies and trading platforms. The deadline is 30 September. However, there is an extension of the operation until 30th of October. They picked up the two biggest stock exchanges in the country, OKCoin, and Huobi, since they had not previously participated in an Initial Coin Offerings (ICO).

The uncertainty of the movements of the Chinese authorities discouraged investors. This reluctance was expressed very quickly, in three days, due to a reduction in the daily volume of transactions in Bitcoin in half. More specifically, it downgraded from 15% to 6.4% of world trade, according to the data by CryptoCompare.

China exit’s benefits
The closure of the Chinese financial market Bitcoin brought a timely but significant depreciation of the value of the currency. At the same time, it brought Japanese market again back to the wheel of the developments. The trading volume of Japanese market overtook that of the US by over 20% in global Bitcoin exchange market share.

These market upheavals brought optimism to many market experts. According to Litecoin founder Charlie Lee, the outcome of the ban is positive, as the Chinese government will not be in a position to manipulate the market. He furtherly insists on the need of decentralization and declares that Decred Project team prepares something promising in relative terms.

Another significant prediction of Lee is the Bitcoin stabilization in the next weeks. The movement of traders from Chinese market to the South Korean and Japanese ones is a major step to Bitcoin’s stability in the end. According to Lee and Draper, these two markets are characterized by regulations that are more efficient for the existence of industry standards and policies, for both cryptocurrency exchanges and users.  It is a matter of time to see if Lee and Draper prove right…

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