Why japan is driving bitcoin
global cryptocurrency exchange market including the bitcoin market would have struggled to deal with the exit of the Chinese cryptocurrency exchange market, which has been responsible for 10 to 13 percent of global trades prior to the ban. Gift Article share up to 10 articles a month with family, friends and colleagues. Some of the worlds largest cryptocurrency trading platforms such as BitFlyer gained legal status, and received permission to operate as regulated financial service providers in Japan. Read more, digital, be informed with the essential news and opinion, myFT track the topics most important to you. Over the past week, the trading volume of the Japanese cryptocurrency exchange market increased substantially following the authorization and licensing of 11 cryptocurrency trading platforms by the Japanese government and its financial regulator, the Financial Services Agency (FSA). Frenzied buying as the price peaked at 2,760.10 on Thursday caused website outages on Coinbase, the global bitcoin company that allows consumers to buy and sell bitcoins. Cointelegraph also revealed that the trading of Bitcoin in Japanese yen has accounted for 46 percent of total trade volume worldwide, while the US only accounted for 25 percent.
Japan Might Be Driving Factor For Recent Bitcoin Price Rally
As CCN previously reported, it is highly likely that the Japanese governments authorization of cryptocurrency trading platform would influence US financial regulators to take a similar approach. Trial, not sure which package to choose? Read more, premium Digital Print, fT Newspaper delivered daily plus unlimited digital access. Suddenly everyone is realizing that there will only ever be 21 million bitcoins and that this might be there last chance to get into the market - and that is what is leading to these huge price spikes. More importantly, leading Japanese Bitcoin exchanges such as bitFlyer and multi-billion dollar technology conglomerates like GMO Group have also started to target institutional and retail investors by providing high liquidity and regulated channels to invest. However, the Japanese market has dismissed analysts and traders in the past due to its zero-fee policy. Hong kong (Reuters) - Japanese and South Korean buying helped drive the price of bitcoin to an all-time high this week, with the digital currency more than doubling its value since the start of the year, analysts and market practitioners said on Friday. Over the past few months, through previous coverages, Cointelegraph emphasized the importance of the Japanese Bitcoin industry to the Bitcoin exchange market in Asia. According to various cryptocurrency market data providers including CryptoCompare, Japan has secured.25 percent of the global bitcoin exchange market share, processing more than twice as much bitcoin trades as the US market. In the US, Coinbase and Gemini just began to target institutional investors in August. Discounted offers available for new customers only.
Throughout the past month, the bitcoin price has been able to sustain upward momentum due to the optimistic regulatory frameworks and rapidly increasing adoption in the two markets. Upon the release of new regulatory frameworks on bitcoin and cryptocurrencies, institutional and retail investors in the two countries would likely drive the bitcoin price up in the mid-term, allowing the price of bitcoin to achieve new highs. The price has since fallen back to 2,632.74.
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