Japan Becomes the Largest Trading Market in the World

Japan is the Largest Cryptocurrency Trading Market in the World

Before implementing a policy to ban all bitcoin trade, China became the largest bitcoin trading market in the world. The reason, as much as 70% of bitcoin trade conducted in the Bamboo Curtain country.

After the policy of the Chinese government to block all bitcoin trades, bitcoin investors were flocking to bring their assets to Japan, because the Land of the Rising Sun has made laws that recognize bitcoin as a legal means of payment.

Currently, already about 60% of bitcoin trade takes place in Japan. Based on data from news.bitcoin.com, the Japanese bitcoin market is among the most centralized. The reason is that about 99% of BTC / JPY trade volume occurs in four exchanges, namely Bitflyer (40%), Bitflyerfx (40%), Coincheck (15%), and Zaif (4%).

While in the United States (US), the US bitcoin market is currently the second largest bitcoin market in the world after Japan. The bitcoin trade occurring in the US accounted for 25% of global transactions.

Just as information, after China's entry into the bitcoin market in late 2013, the share of total trade in US dollars fell to less than 10%.

In addition, Bitfinex is the dominant exchange of USD trading, accounting for about 40% of the trading volume of the last 24 days. While Bitstamp became the second bourse with a portion of 13%, followed by Gdax with trading volume of 12%, Gemini with trading volume of 7.5%, and Poloniex with trading volume of 7%.

The USD bitcoin market is among the most decentralized, as about 90% of the volume is shared in the top seven exchanges.

Also Read: South Korea Prepares Tax Rules for Bitcoin Use

Meanwhile, South Korea became the next largest contributor, accounting for 9% of global bitcoin trade. Most of South Korea's trade takes place on the Bithumb stock exchange with a transaction volume of 65%. The Coinone and Korbit exchanges accounted for about 17% of trade.