The yuan-bitcoin (CNY / BTC) trading portion of global bitcoin transactions stays at 1%, according to Cryptocompare data.
China's harsh policy to close the local bitcoin exchange market changed the global bitcoin market composition drastically. Now about 60% of bitcoin trade takes place through the Japanese market.
The volume of bitcoin trade in Japan jumped after the enactment of laws in the country that recognize bitcoin as a legitimate payment instrument.
Not only that, according to news.bitcoin.com, the Japanese bitcoin market is among the most centralized. Approximately 99% of BTC / JPY trade volume occurs only on three exchanges.
About 80% of JPY / BTC trades take place at Bitflyer and Bitflyerfx exchanges. Coincheck followed as the second largest Japanese stock exchange (15%), and Zaif as the third bourse (4%).
The US bitcoin market became the largest market after Japan, accounting for about 25% of total global transactions. During infancy bitcoin, most bitcoin trade is done in USD.
After China's entry into the bitcoin market by the end of 2013, the share of total trade in US dollars fell to less than 10%.
Bitfinex is the dominant exchange of USD trading, accounting for about 40% of the last 24h trading volume. Bitstamp became the second share portion of 13%, followed by Gdax (12%), Gemini (7.5%), and Poloniex (7%).
The USD bitcoin market is among the most decentralized, with about 90% of the volume being shared in the top seven exchanges. South Korea became the largest contributor to the next transaction, which is 9% of total global bitcoin trade.
Most of South Korea's trade took place in Bithumb stock exchange (65%). The Coinone and Korbit exchanges accounted for about 17% of each trade.
Then, bitcoin-euro trade occupied only the fourth most dominant bitcoin market. The portion is about 3.3% of total global transactions.
News source Tribunnews
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| permlink | japan-is-now-the-largest-bitcoin-market-in-the-world-20171019t1330478z | ||||||
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Interesting article Thank you
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| author | nirgf |
| permlink | re-suheri-japan-is-now-the-largest-bitcoin-market-in-the-world-20171019t1330478z-20171019t063315776z |
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Tn
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@royrodgers has voted on behalf of @minnowpond. If you would like to recieve upvotes from minnowponds team on all your posts, simply FOLLOW @minnowpond.
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To receive an upvote and a reSteem send 1.00SBD to @minnowpond with your posts url as the memo| post_id | 15,618,141 |
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<p>Congratulations! This post has been upvoted from the communal account, @minnowsupport, by suheri from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the <a href="https://discord.gg/HYj4yvw">Peace, Abundance, and Liberty Network (PALnet) Discord Channel</a>. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.</p>
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