The push for the next spike in Bitcoin price could come from Japan very soon. More exchange traders are joining the bandwagon and the market outlook says there has been a rise in the value amount of Bitcoin traded after the first half of this year. Following a market research in July, BitFlyer says its virtual currency exchange has the largest Bitcoin trading volume in the first half of 2016 across Japan as it made a 200,000 registered users breakthrough in June. It says about 7.8 million bitcoins (worth about 430 billion yen) was traded within the January and June period in Japan and touts itself as the holder of the number one spot having accounted for 37% share of the market. Future uptake imminent Market research firm Seed Planning estimates the Bitcoin’s annual trading volume will soar to 2 trillion yen this year. "We have noticed a trend where investors who previously traded foreign currencies on margin take up bitcoin trading," a company official said. CEO of bitFlyer, Yuzo Kano, was quoted as saying that the trading volume has been growing at a pace that has not been seen before since this spring. Kano, a former Goldman Sachs trader, is one of the 38 figures from past and present – including Janet Yellen, Chair of the Board of Governors of the Federal Reserve System – who have helped to shape the financial services sector to be celebrated this year 38th edition of Sibos. He supports the new digital economy, but also recognises the importance of regulation, for which he is a vocal advocate. Regulation more Bitcoin-friendly The introduction of regulatory measures seems to have been instrumental in the recovery process from the Mt. Gox scandal which has given Bitcoin a bad name in Japan. In May, Japan passed […]
