Japan again became the largest bitcoin market, its share in the total volume of operations related to bitcoin is 50.75%. Analysts, including vice-chairman of BitFury George Kikvadze, explain the sharp increase in the volume of trading in the Japanese market, the fact that Chinese traders massively leave their home country.

Earlier this week, the Chinese government, local authorities and financial regulators officially asked the Chinese crypto exchange and trading platform to cease operations by the end of September. OKCoin and Huobi, the two largest exchanges in China, were allowed to work until October 30, given the fact that in the past they did not participate in any ICO.

The daily trading volume in the Chinese market fell by half in three days - from 15 percent of the global volume to less than 7 percent.

According to various sources, such as CryptoCompare, China accounts for only 6.4 percent of global transactions in the bitcoin market at the time of publication of the article.

The US market Before the nationwide ban on the activity of crypto-exchange exchanges in China, the US currency market was the largest in the world.

However, almost immediately after the announcement of the termination of trading on the three largest Chinese exchanges: BTCC, Huobi and OKCoin traders began to move to the Japanese market. The sharp migration of traders led to a short-term increase in trade in Japan, which allowed him to overtake the US by more than 20 percent.

Contrary to many negative reports, well-known developers, analysts, researchers and experts in the field of crypto-currency and lock-up, including the creator of Litecoin Charlie Lee and the investor and billionaire Tim Draper, expressed optimism about the closure of the Chinese crypto-currency market. Li stressed that the Chinese government will no longer be able to manipulate the market, as has happened repeatedly since 2013.

Lee believes that:.

This is a positive event. China will no longer be able to play markets by prohibiting bitcoin. Crypto currency can not be killed in any country. The solution to the problem of centralized currency exchange vendors is their decentralization. I heard that the Decred Project team is already preparing something in this area.

Stabilization As Lee stressed, the situation in the Chinese market should have affected only 10-15% of traders. Nevertheless, speculators and inexperienced traders began to mass sell, and this led to a serious correction of the price of bitcoin.

Over the next few weeks, the global crypto-currency market is stabilizing as traders move from the Chinese market to South Korea and Japan. These two markets have developed significantly more effective rules, industry standards and policies for the operation of crypto-exchange exchanges and holders of crypto-currencies.

It is likely that, as noted by Lee and Draper, the closure of the Chinese crypto-currency market can lead to the stabilization of the global crypto-currency market, which may be beneficial for bitcoins and other crypto-currencies in the long run.