Japan is now the world’s largest bitcoin exchange market, overtaking the US in the latest rankings.
The country now accounts for approximately 48% of the market share, reaching a high of 51% over the last weekend. The rise can be attributed in part to China’s recent crackdown on cryptocurrency in which trading platforms and exchanges were told to cease operations by the end of September.
Many of the Chinese traders have now moved their operations to Japan which saw the Chinese share of the market drop from 15% to 7% in less than three days.
Whether or not Japan will stay at the top of the rankings is unknown; one Chinese official has claimed that the country’s ban on initial coin offerings is a temporary measure, but the country’s position in the cryptocurrency market might be forever changed if the current situation drags on too long.