Foreign media: China's bitcoin market recovery heralds the world's entry into the 'Asian era'

The recovery of Chinese Bitcoin trading volume and the continued development of the Japanese and Korean markets suggest that the US market will follow the development of Asian (Bitcoin) price trends in the future.

'Sleeping Giant'

When two of China's three major exchanges announced the reopening of currency withdrawals, the price of Bitcoin in China took the lead by 3%.

The Chinese bitcoin market has been like a sleeping giant in recent weeks, ever since the People’s Bank of China (PBOC) clamped down on high-leverage trading at the beginning of the year. Major Chinese exchanges have seen volumes drop by nearly 90 percent since the restrictions were introduced.

The news that the two major exchanges announced that normal withdrawals could be made was the catalyst for the recent rapid rise in Bitcoin prices. The price of the currency once reached a high of more than 20,000 yuan - this proves that China may once again become a strong rival of Japan in the future and is expected to lead the market again, but China's trading volume has not yet fully recovered.

During the period when withdrawals from Chinese exchanges were affected, the Bitcoin trading volume in major economic powers in Asia continued to surge for a long time.

The U.S. market influence weakens

Since 2016, Japan has quickly taken a leading position in the Bitcoin space, thanks to an extremely Bitcoin-friendly regulatory framework introduced by Japan.

Due to regulatory restrictions and the continuous growth of users, the price of Bitcoin in South Korea was even $1,000 higher than the U.S. market. In addition, the inability of foreigners to apply for a Korean bank account is also one of the reasons for the high premium (buying Bitcoin in South Korea requires a bank card).

Starting in late 2016, bitcoin trading in India has skyrocketed, fueled by the country’s war on cash, as the government seeks to centralize and restrict the economic freedoms of some of the country’s most vulnerable citizens.

The growing base of Bitcoin users in Asia indicates that the influence and market share of the US market is gradually weakening. When the People's Bank of China first intervened in 2013, the US market "took the opportunity" to surpass China's trading volume in a short period of time.

Although Western governments are making small progress in their regulatory frameworks for Bitcoin recently, it seems that the Asian market will still take the lead and occupy a favorable position in the cryptocurrency market.