After a huge shock in the cryptocurrency market over the past few weeks, due to negative news from China, it seems that most of the interest will withdraw from the country
It should not surprise anyone that after China closed down, South Korea has passed China in the total volume of Bitcoin trading, as reported by Joseph Young and Tuur Demeester via Twitter. His post:
Today, South Korea has jumped China in the amount of turnover. Bithumb turns in South Korea are bigger than Bitfinex + Bittrex. pic.twitter.com/10fiT4YzJg
~ Joseph Young (@iamjosephyoung) September 21, 2017
The change in transaction processing indicates that investors have moved to South Korea. The largest stock market in South Korea processes more transactions than Bitfinex and Bittrex.
The shift is a significant movement of the Bitcoin community away from China, where regulators have confirmed that all Chinese stock exchanges will soon be closed. Movements towards South Korea indicate a response to the legalization of Bitcoin in this country.