Japan has overtaken China’s recently-held spot as the world’s foremost Bitcoin market, making the East Asian island nation the globe’s current leading hub for cryptocurrency trading.
Indeed, per daily statistics from Cryptocompare.com, Japan is now dominating the crypto market, hovering around 58% of global trading volume.
To put that number into perspective, U.S. crypto traders only account for around 25% of global volume right now.
This marks a dramatic shift from even just a few weeks ago, when China held the top spot by volume. But an increasingly regulatory tone from the Communist Party of China has rapidly spooked Chinese interest in the space, giving Japanese crypto investors room to buy up the past few weeks’ “panic sells” in droves.
— Cointelegraph (@Cointelegraph) October 11, 2017
Japan’s newfound #1 position is unsurprising, considering Japanese authorities have been adopting what can only be considered a pro-Bitcoin regulatory attitude in recent days.
This pro-Bitcoin atmosphere reached a fever pitch last week, when Japan’s top financial watchdog group gave official licenses to 11 cryptocurrency exchanges, including bitFlyer, Japan’s largest domestic exchange.
This liberalization of access to crypto has assured both novice and professional investors in Japan that cryptocurrencies like Bitcoin and Ethereum are legitimate and can be bought and sold safely, a dynamic that has no doubt contributed to Japan’s surging trading volume.
And Japanese interest in cryptocurrencies is only set to surge even further as Japan’s government has teamed up with some of the nation’s most prominent banks to develop J-coin, a national cryptocurrency that could be the first of its kind to reach mainstream adoption.
This is all good news for the price of Bitcoin and other cryptocurrencies, in that out of the ashes of China’s regulatory FUD has arisen surging Japanese trading volume, a new driver on global crypto markets that’s easily filling China’s void.
TLDR: Japan is now the new global leader in Bitcoin trading volume, capturing over 58% of the entire market. The nation’s pressing its claim as the world’s next Bitcoin headquarters.
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