Bitcoin Value Passes $4,430 In Recovery From Chinese Bans
October 2, 2017 5:50 pm
The Bitcoin price passed $4,430 Monday, rising closer to the interim target of $5,000 estimated by the majority of analysts, Cryptocoins News reported. This rise in value has indicated a full recovery from the Chinese government’s national ban on cryptocurrency exchanges.
The Bitcoin saw a quick recovery rate since Sept. 22, at which point the price sat at a low $3,500, the report said. However, in less than two weeks the price rose to $4,430.
The Bitcoin market cap has also gone from $59 billion to $73 billion, said the report. This was a direct result of the daily trading volume passing $1.2 billion as it had in the past.
A large portion of trading volumes from the now disbanded Chinese cryptocurrency exchange have shifted over to Japan, said the report. This has allowed Japan to become the largest Bitcoin exchange market, holding more than 54 percent of the total market share.
Japan’s Bitcoin exchange market is currently processing twice as many trades as the United States market, the report said. Charles Hayter, founder and CEO of CryptoCompare said the Chinese market was dethroned by the U.S. and Japanese sectors in terms of the global cryptocurrency sector.
“Japan and the U.S. have proven China is unnecessary for bitcoin to thrive. As various nation states pin their colours to the mast, a whole panoply of differing attitudes will be seen. This industry is mobile and it will come to roost in the most favourable jurisdictions” — Charles Hayter, founder and CEO of CryptoCompare
Japan’s large influx of trading volumes in the Bitcoin exchange market can be connected directly to its governmental licensing and authorization of 11 separate bitcoin exchanges, the report said. Several of the nation’s major cryptocurrency trading platforms were pushed forward by the Japanese financial regulator, the Financial Services Agency, or the FSA.
Japan’s largest cryptocurrency exchange with more than 800,000 members, BitFlyer, was of the 11 exchanges to see approval from the FSA, Cryptocoins News said.
“Japan has been exploding with demand for both bitcoin trading as well as virtual currency services,” said BitFlyer CEO, Yuzo Kano. “The FSA’s approval for bitFlyer to operate as a Registered Virtual Currency Exchange, and the agency’s openness and forward thinking regulation could not come at a better time for the blockchain space.”
– WN.com, Shyma Hossain
