After the massive upheaval in the Bitcoin market over the past weeks because of negative news from China, it appears that Bitcoin transaction volume has shifted out of China.
In a move that should not be surprising, South Korea has passed China in total Bitcoin trading volume today, as reported by Joseph Young and Tuur Demeester via Twitter. Young’s Twitter post indicates the shift:
The change in the processing of transactions indicates that traders have moved to South Korea. The largest exchange in South Korea has processed more transactions than Bitfinex and Bittrex.
The shift represents a substantial movement of the Bitcoin community away from China, where regulators have confirmed that all Chinese exchanges will be closed shortly.
The shift toward South Korea indicates a response to the legalization of Bitcoin in the country in recent months. A general move away from China has generally occurred, even as the country has begun to tighten its grip on the cryptocurrency market.
Indication of flexibility
The shift to South Korea is a simple indication that the Bitcoin community is flexible. Because Bitcoin is a decentralized cryptocurrency, no government is able to truly ‘ban’ it, much less generally control it. Countries are beginning to see that the best route forward is embracing the currency.
While many saw the negative news about China as a bad thing for Bitcoin, the reality is that this news simply proves what cryptophiles have believed about Bitcoin from the beginning. It is remarkably flexible and multifaceted.
This article was first published on Cointelegraph.com by Jon Buck.