After the Chinese regulatory crackdown downsizing the cryptocurrency market cap Japan is the new leader. The Bitcoins price just went up after the crash of 14th September 2017. It increased to 30% i.e. $4000. The crash also led the china’s drop in its position of cryptocurrency trading. China global position is declined and it step down to fourth position within two days. Now Japan is become the new global leader in crypto-trading. Cryptocurrency trading in china now migrated to streets and Korean exchanges.
Japan Now Has Supremacy In Global Bitcoin Trade Volume
According to the famous cryptocurrency firms CoinmarketCap, Japan has topped the market with the trade volume of 93 billion yen. Japan also has captured the 47 percent of the global BTC volume. China’s regulatory effected drop down of the big exchanges like Bitflyer, Zaif and Coincheck etc. Now Japan has the lead in the trade volumes, followed by counterparts USA, Korea, china and Europe. After the regulation broke out, BTCC, Huobi, Yunbi and Okcoin are closing soon. Hence China’s domestic volumes declined sharply. This significant change spiked local bitcoins with an exponential rate. The value and volumes of China’s localbitcoins has surpassed the $71Million trademark. The new OTC player introduced as China’s crackdown appeared, names as Richfund. Richfund doing a great business as the closure of other exchanges is coming.
Richfund.pe has stated that “We provide 1000-5000 BTC large OTC services in China, Korea, Cambodia, Hong Kong and Taiwan,”
Following The crackdown Other Exchanges Are Reaping Profits
Now people in China are finding other alternative to save their money, either they trading in localbitcoins or dealing in OTC trading. The Hongkong based exchange Gatecoins has raised profit by 24 %. There are other exchanges which are on the same path of success like BTCex and ANX etc. The trade volumes of Japan increased, but people also expand their interest to South Korean and Hongkong based exchanges.
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