The midterm trend of bitcoin is dependent on Japan – this is the common opinion. But how far it is the truth?
As it is already known, China exited the cryptocurrency market by banning all cryptocurrency operations on its territory. This allowed Japan and South Korea become the biggest cryptocurrency exchange markets. Now, 56% of the global cryptocurrency exchange market is represented by Japan, with its numerous market data providers that work with cryptocurrency, including such Giants as CryptoCompare.
The further step in becoming a cryptocurrency paradise was the regulation and official introduction into the market of 11 cryptocurrency trading platforms, moreover, they all were licensed by Japanese Financial Regulator.
Moreover, some of the platforms obtained the status of regulated financial service providers in Japan.
There is an opinion that licensing and authorization to operate for many cryptocurrency trading platforms will force the USA to take similar steps.
Dependant or not, but without Japanese market bitcoin, as well as other, less popular currencies, would definitely struggle with dealing with Chinese exit from cryptocurrency market.