Last few days have been relatively calm for bitcoin. The cryptocurrency is trading in the range of 16 000 – 17 000 thousands of dollars and almost never makes sudden moves in either direction. However, many people wonder what exactly pushed him to a level that was unthinkable just a few months ago? In addition to such obvious reasons as the launch of futures on bitcoin in the United States, there are less explicit.
According to a report by the Wall Street Journal, the last few months bitcoin has become extremely popular among traders and inhabitants of East Asia, not just Japan and China. CryptoCompare States, Japan, South Korea and Vietnam in the past month have provided more than 80% of the total trading volume.
Last week, when there was another powerful surge of activity in the cryptocurrency markets, South Korea’s trade volume surpassed the US. According to experts, South Korea is a quarter of world trade in BTC and LTC. More and more ordinary people become interested in cryptocurrency and many of them subsequently become members of the system, thereby pushing the exchange rate for cash all of the above. Some Asian exchanges bitcoin is trading at $ 25 000 dollars, almost 50% higher than the price on dollar-denominated exchanges.
The current situation is unprecedented in the sense that the price of cryptocurrencies are pushing up common traders and ordinary buyers, not institutional investors or hedge funds. Chief strategist for markets at IG Group Chris Weston (Chris Weston), told the WSJ:
«It seems that today everything depends on ordinary people who are not so literate, financial Fund managers».
News that the South Korean government may ban crypto currencies, futures contracts and ICO, will undoubtedly have an impact on the cryptocurrency markets, but China, too, had once controlled about 65% of all available bitcoins in circulation. And, despite the practical complete ban, which affected the altcoins, a huge farm in China continue to generate about 80% of all new bitcoins.
At the moment in some Asian countries felt some tension from regulators. In India this week, the Central Bank once issued a warning against cryptocurrency. Vietnam has completely banned bitcoin back in October. In Indonesia, announced in October that it would pursue its territory all who though as-that to participate in cryptocurrency transactions.
The main difference between Asian countries from the Western in that the control for them is much more important than financial freedom. Therefore, the traders Japan, Hong Kong, Singapore and Thailand can also get into a critical situation.