Bitcoin Forum

Following the regulatory crackdown in China, bitcoin’s price has climbed back up 30 percent over the $4K zone since the market’s nosedive last Friday. Now China’s bitcoin trade volume has dropped to the fourth position globally as Japan has taken the reigns over the past two days. Chinese traders have once again taken trading to the ‘streets’ and have also migrated business to Hong Kong and Korean exchanges.

Japan Captures the Lead in Global Bitcoin Trade Volume

According to statistics from data sites like Crypto Compare and Coinmarketcap, Japan has taken the lead in global bitcoin trade volume. Currently, ¥ 93B worth of bitcoins are being swapped in the country as Japan is capturing over 47 percent of the global BTC volumes. Since the regulatory fiasco in China, exchanges like Bitflyer, Zaif, Coincheck, and others have jumped forward when it comes to BTC and global fiat swaps. Japan’s leading trade volume is followed by U.S., Korea, China, and Europe.

https://news.bitcoin.com/wp-content/uploads/2017/09/JPOY.jpg
Japan captures 47 percent of the global bitcoin trade volume at press time.

https://news.bitcoin.com/regulations-push-chinese-bitcoin-volumes-to-otc-and-neighboring-countries/

Just like a water that will seek ways to flow, Bitcoin trading can find ways and means to grow! I am sure that there are still many Chinese into trading and this time they will be using exchanges abroad and come up with effective means to counteract internet censorship within the country. As the Chinese as known to be very resourceful and entrepreneurial, they understand that there are now technology to get away from the freaking controlling eyes of their government. In this case, japan has become the beneficiary from China's decision to ban exchanges.

In between Japan and China, I always prefer to deal with the Japanese because they are not as secretive as the Chinese government and Japanese culture can easier to read than their Chinese counterpart. I have nothing personal against the Chinese because I also admire their entrepreneurial mindset but their government has a different agenda which in my personal view is not compatible with the Bitcoin vision.

Indeed, it's not bitcoin but people who will always find the way to trade bitcoin.
Look at China regulators, they trying everything in order to prevent people trade bitcoin [1], even exchanges executives have been forbidden to leaving the country, looks like a criminals and illegal activities being checked in there.
However, people should stop to use this kind of news from China to dump their bitcoin again, as this problem should be an object in their country and let other countries take a lead.

[1] https://news.bitcoin.com/china-block-all-bitcoin-transactions/

If Chinese are panic selling, then someone must be buying somewhere. This time it has to be Japan as country is increasingly working in the favor of Bitcoin and other cryptocurrencies. First they legalized it, then hundreds of exchanges gave their application for review, many were accepted, almost all the merchants are accepting Bitcoin now, Japanese people are already technology enthusiast and they readily accept any new technology. These all factors indicated that Japan will be the major buyer of Bitcoin in coming days. Sooner or later Japan will become the major holder of Bitcoin unless some other country too works in that direction.

As soon as China began to introduce various bans on circulation of the crypto currency, in just a week it began to lose its leadership in trading bitcoin and other crypto currency. For kryptovpljuta it did not become a vulnerability, as assumed earlier, and leadership was immediately picked up by Japan, which quickly uses advanced technologies. As a result, nothing terrible for the crypto currency has happened. Now she is preparing for further active growth.