Within a week of the initial drop in value resulting from the suspension of withdrawals by the leading Bitcoin exchanges OKCoin and Huobi, Bitcoin price has already rebounded from its previous all-time high of $ 1,060 and approached $ 1,080 in major markets.
The latest coverage from Cointelegraph on the trend in the global bitcoin exchange market found that the Japanese bitcoin exchange market surpassed the size of the US and Chinese markets and officially became the largest bitcoin exchange market in the world with a staggering 50 percent market share.
The factors behind the ups and downs in Bitcoin price
The Japanese market was the key factor in the recovery of the Bitcoin price last week as it is evident that traders and investors in the Chinese market have switched to the Japanese market, which in bitFlyer has a reliable, secure and legally compliant Bitcoin Exchange has and a senior unit that has put in place solid policies and regulations for both Bitcoin companies and users.
As a result, the price of bitcoin in the Chinese market dropped massively from around $ 1,060 to $ 1,032, while bitcoin exchanges in the Japanese market saw bitcoin trading eased at the $ 1,080 mark, with a premium in the $ 20 range up to $ 50 compared to the majors markets like the US, China and Europe.
On February 9, Bitcoin price fell below $ 960 due to the strong participation of the People’s Bank of China in the local Bitcoin market. The Chinese central bank asked OKCoin and Huobi, two of the country’s largest exchanges, to overhaul their anti-money laundering and know-your-customer systems.
In addition, the central bank asked the two exchanges to suspend withdrawals for a month until the upgrade is complete.
Abrupt announcements by OKCoin and Huobi caused a shock to the US Bitcoin exchange market and the Bitcoin price continued to plummet. However, the global average price of Bitcoin stabilized relatively quickly as the Japanese, South Korean, and Chinese markets were resilient to the announcements.
Bitcoin price has stayed above $ 1,000 since the first slump in Bitcoin on February 9, and has remained stable for seven days in a row. It has increased in value, particularly in the Japanese and US markets, and has seen daily price increases of two to four percent over the past few days.