Stanley Chou / Stringer / Getty

Japan has risen above the
in the worldwide rankings for the largest
bitcoinexchange market. The
country now accounts for roughly 48
of the global market share, reaching a high of 51
percent over the weekend.

This is thanks in no small part to the Chinese
government’s recent rulings
on the cryptocurrency. The nation first issued a ban on initial
coin offerings (ICOs)
and then requested that exchanges and
trading platforms cease operations by the end of September,
granting an extension until October 30 for OKCoin and Huobi.

Those deadlines are still weeks away, but traders aren’t waiting
around. Many that were previously operating in China have taking
their activity to Japan, causing the spike in the nation’s market
share — and reducing China’s from 15 percent to less than seven
percent in just three days.

It remains to be seen whether Japan’s current position will hold
or is a fleeting surge. One Chinese official has claimed that the
country’s ban on ICOs is a temporary
, but the country’s position in the cryptocurrency
market might be forever changed if the current situation drags on
too long.

Disclosure: Several members of the Futurism team, including
the editors of this piece, are personal investors in a number of
cryptocurrency markets. Their personal investment perspectives
have no impact on editorial content.

Get the latest Bitcoin price here.

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