Japan becomes the largest Bitcoin trading market

Contrary to what many people expected, the price of Bitcoin did not fall too much under the stringent regulatory measures of the People's Bank of China. Recently, the central bank's "four no's" requirements for Bitcoin trading platforms have had a great impact on major Bitcoin exchanges in China. For now, the price of Bitcoin seems to be stable at around $1,000, but because Bitcoin is a free trading market, its fluctuations are always unpredictable.

It has to be said that the recent regulatory requirements issued by the central bank may cause considerable trouble for Bitcoin. Previously, several major Bitcoin exchanges in China implemented a fee-free strategy. Coupled with the use of leverage, the trading volume of Bitcoin in the Chinese market even accounts for more than 90% of the global Bitcoin trading market. The several major regulations introduced by the central bank have undoubtedly dealt a heavy blow to the Bitcoin trading market. Interestingly, the price of Bitcoin has not suffered a heavy blow due to the plunge in trading volume, which further confirms the resistance of Bitcoin.

Although many people hope that the price of Bitcoin can break through $1,500 or even more, it seems that the probability of this happening soon is very small. At present, the trading of Bitcoin in the Chinese market is subject to many restrictions, and it is difficult for the price of Bitcoin to surge in a short period of time.

Interestingly, it seems that China has now become the second largest Bitcoin trading market. Currently, the daily difference between the Bitcoin trading volume in the RMB market and the US dollar market is only 2,000 BTC, and the RMB trading pair may even drop to third place in the world. The Japanese yen market has become the new market leader because of the implementation of the fee-free strategy. The Bitcoin trading volume in this market is twice the sum of the trading volumes of all Chinese Bitcoin exchanges.

The demand for Bitcoin in Japan has surged in the last few months of 2016. Japan has been more friendly to digital currencies than any other country, and within two months, a new regulation will take effect, making Bitcoin a legal form of payment in Japan.

It’s clear that everyone can see interesting developments affecting the Bitcoin world. Now, it’s anyone’s guess whether this trend will continue. All things considered, the Bitcoin market is in a very good place right now, and there’s a lot of growth on the horizon. With Japan accounting for 48.22% of the global market’s daily Bitcoin trading volume, we’re on the cusp of a more decentralized Bitcoin market.