The Bitcoin and Asian market go a long way back, ever since a vibrant ecosystem of Bitcoin ETFs and cryptocurrency derivatives came into existence, gradually reducing the Western dominance on cryptocurrency markets.
While there is no denying that the Western hemisphere did enjoy prominence in the mainstream asset market initially, several studies involving extensive cryptocurrency data now show that the developments in Asia have a far more significant impact on the digital currency market than any other.
Bitcoin and Asian market: A love-hate relationship
To start with, not only do Chinese Bitcoin mining farms control sixty-six percent (66%) of the global bitcoin computer power, but they also exert substantial influence on the Bitcoin mining rate, all thanks to abundant availability of affordable electricity, labor and mining chips. It was also revealed that eight out of the ten most successful mining pools belong to the Asian market.
Despite China’s renewed efforts to slow down crypto-related activities in the country, the China National Development and Reform Commission (NDRC) decided against imposing the crypto mining ban last year. Following the ban suspension, several industry leaders expressed their optimism toward Bitcoin and Asian market and described the move as “bullish for Bitcoin.”
Moreover, even though Bitcoin trading still does not enjoy legal status in China, Chinese leader Xi Jinping urged his citizens to embrace Bitcoin’s underlying technology, blockchain, wholeheartedly, and deploy it across all industries to use it to its full potential.
Bitcoin and Asian market: A hotbed for cryptocurrency exchanges
Additionally, over the last two years, the region has witnessed an influx of cryptocurrency exchange platforms, with over forty percent (40%) of…