South Korea Overtakes China As Bitcoin's Third-Largest Market

China-based digital currency exchanges have until the end of September to cease operations after Chinese authorities, spooked by the ICO craze, decided earlier this month to crack down on all exchange-based digital currency trading.

Trading volume in China has fallen dramatically since the country’s exchanges briefly halted withdrawals earlier this year as they implemented new AML controls. Now, it appears that at least some of those displaced by China’s crackdown have migrated to South Korea, which today overtook China as the third-largest market for bitcoin trading by volume.

Japan remains the largest market, followed by the US.

According to CoinTelegraph, the shift suggests that traders have moved to South Korea in response to the Chinese government’s decision to kill the exchanges. The largest exchange in South Korea is processing more transactions than Hong Kong-based Bitfinex and US-based Bittrex combined.

“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.”

While China’s crackdown triggered the largest selloff in months as investors worried that it could inspire other governments to try and suppress digital currency trading, the shift to South Korea demonstrates bitcoin’s durability. Instead of destroying a portion of the market, shuttering local exchanges simply forced traders to move elsewhere.
 

Comments

JustUsChickensHere TeamDepends Fri, 09/22/2017 - 02:29 Permalink

Be specific about which alternatives are better... my choices would be

  • Ethereum - the choice of banks, Microsoft and Russia
  • DASH - faster, optionally Instant, optionally Private, DAO governance << that is a killer difference
  • Monero - still a little raw, but the new choice of the DarkWeb - always truly private

and the wider market agrees - these are all reliably in the top ten.Ref:  https://coinmarketcap.com/ 

In reply to by TeamDepends

Teja JustUsChickensHere Fri, 09/22/2017 - 03:04 Permalink

The information I am missing in the article is what it means to "cease operation". What happens with the bitcoins stored on these exchanges? Are they made withdrawable to the local wallets of their owners? Or are these paid out in Yuan, the bitcoins sold abroad? Or just "frozen" for the time being?At least this makes it clear (if it hasn't been clear already) that it is a bad idea to store bitcoins at an exchange, especially in countries with a not really rock solid legal system.

In reply to by JustUsChickensHere

ClassicCommodity c2nnib2l Thu, 09/21/2017 - 20:29 Permalink

When dinosaurs like you say Bitcoins have no use. Do you mean Bitcoins have no  use than being the first assett-class which allows anyone on the planet to do an uncensorable, global, low cost, value transfer without having to use a middle-man?You are embarassing yourself here whilst you keep praying that the fully captured and controlled Bullion market will get you rich one day LOL.IDIOT!!PS - monero/xmr for privacy and untracability 

In reply to by c2nnib2l

c2nnib2l ClassicCommodity Thu, 09/21/2017 - 20:37 Permalink

Yes bitcoin can be used to buy LSD and stollen credit card details on deep web or it can be used by terrorist or Rocketman Kim.When it comes to real transactions Bitcoin SUCK BALLS1st of all do you really use private wallet (OFFLINE version of it) ? if not then you have to use Online wallets and they charge you commision for every transaction PLUS you always have to pay the miners fee2nd of all - how fast is Bitcoin ? well it depends on the time of the day or day of the week (seriously ?) in XXI century you have to wait 20-30 minutes for a transfer ?!3rd - even bitcoin won't give you 100% anonymity - You can use bitcoin fogs, mixers, and tumblers and for the last couple of months they can still track you so you better do your homework hommie because I was buying bitcion for years... purely so I can get my blotter here and there on the deep web and I know kids that bought weapons for video games using bitcoinsany other AMAZING use of shitcoin ?and that's about it !

In reply to by ClassicCommodity

c2nnib2l c2nnib2l Thu, 09/21/2017 - 20:48 Permalink

by the way when you really want 100% anonymous transaction in Bitcoin you have to use offline walletit takes 5-6 days (yup yo've heard that one right) to download all transactions so the wallet can be used ! and you need 64gb pendrive ! :)every time you want to make a new transaction you have to download all the new ones from the whole world that's how ANONYMOUS OFFLINE wallet works !that's the future ? really ? LOLOLOLOL

In reply to by c2nnib2l

ClassicCommodity c2nnib2l Thu, 09/21/2017 - 21:14 Permalink

uhhhhh well most people spend/sell their bitcoin on normal things like food e.g. myself or in Venezuela.It's legal tender in Japan (and soon South Korea) so you can already buy stuff at the 7/11 or camera shop or wherever.The emotional cognitive dissonance of you and pushing aside facts because you're butthurt that your bullion doesn't make you a single $.Evolve or die. Change is the only constant.

In reply to by c2nnib2l

The_merovingian c2nnib2l Fri, 09/22/2017 - 06:36 Permalink

I used Bitcoins to transfer large quantities of money between different monetary zones (EUR to GBP, USD to EUR). Saved me quite a few bucks on international wire fees and even made a small profit because Bitcoin had appreciated between the time I bought them and the moment I cashed out in the new currency. As an added bonus, I kept  a few bitcoins that were basically for free. I do not care about anonymity as I did nothing illegal.

In reply to by c2nnib2l

Toshie Thu, 09/21/2017 - 20:25 Permalink

Extraordinary popular delusions and the madness of crowds" :),

However, very possible , that in the future , a digital currency ,be it Bitcoin or not can well serve
The world billionaire club.

wisehiney Thu, 09/21/2017 - 20:26 Permalink

Tylers, If we all must endure so much korean, could you at least add the gratuitous pictures of Hot S Korean Pussy?Like in the old days.Even if there is an ad attached?Purty Please?

Father ¢hristmas Thu, 09/21/2017 - 20:37 Permalink

Bitcoin market?  ROFLcopter95.89% of the market only owns 3.47% of the product lolIt's an untaxed pump and dump/Ponzi for rich peo- errr, I mean,Trillions of Americans are waking up every day not to the smell of coffee, but the sweet aroma of their Wi-Fi modems orgasming to report their Bitcoins have once again tripled in value to new all-time highs.Tens of billions moar decent, hardworking Americans each minute are putting their trust, and entire family's checking and savings accounts, into the most sound financial instrument on the market: cryptocurrencies.  What is a cryptocurrency?  It is a sound monetary store of wealth, time-tested over moar than a quarter generation for unmatched resilience in a bleak and supersad bearish economy.Bitcoin: It is exactly like gold and silver, only it is better, because it is pixilated and locked in the airtight secure Fort Knox-like vault known as "the internet".

Hanomy Father ¢hristmas Thu, 09/21/2017 - 21:20 Permalink

I was having high hope for Bitcoin till I learnt that almost 96% of Bitcoin are owned by 4% of people.   Maybe a better system will come afer Bitcoin.   I can tell you this, people in FL who had no power (some still don't) during the hurricane couldn't use Bitcoin.  So if internet and electricity go down, you are out of luck buying selling compensating for anything.

In reply to by Father ¢hristmas

AnarchistRex Thu, 09/21/2017 - 21:51 Permalink

Be aware people that the US gov. has PAID employees who get onto blogs and news sites - DEFINITELY INCLUDING ZEROHEDGE - and these employees post messages that push the narrative the BANKSTERS and the DEEP STATE want you to believe.

People who are repeatedly harsh and critical without giving deep well-researched evidence are not just throwing out their opinion - they have a financial motive.

This kind of manipulation is much better than a message direct from government mouthpieces telling you what is good and bad because most assume that the message is coming from a peer who has no interest in the matter ... well it couldn't be further from the truth.

Those on ZeroHedge who are telling you -repeatedly - that bitcoin and crypto currencies are a scam and a pyramid scheme are almost all being paid by the US government to manipulate you into not researching it for yourself. If you've accepted what they're saying without real question, then they are winning.

Teja AnarchistRex Fri, 09/22/2017 - 03:17 Permalink

Although I think the idea that bitcoin is a government planned scam or a pyramid scheme is bullshit, I also think it is bullshit to assume that all such discussion like at ZH is manipulated by paid government employees. Occam's Razor: The simplest explanation is usually right. And the simplest explanation is that ZH is a traditional hotbed of conservative goldbugs not comfortable with newfangled technologies.Also, government, like large corporations, are usually too inept to execute such intricate and insiduous large-scale plans without big time leaks. A large and clueless corporation is paying me while (not for) posting this...Manipulation by AI bots is another thing, exists and will rise in the future. Works better on twitter and such crap, though. And works in all directions. As soon as AIs can post on ZH and similar sites without being detected, it won't make sense to have open discussions anymore.

In reply to by AnarchistRex

Crush the cube Thu, 09/21/2017 - 22:49 Permalink

These coin freaks have jacked the price of high end graphics cards into orbit, soaking them all up for mining the stuff.  When this coin stuff crashes, buy up some top tier cards on the bottom and stash them, definitely the potential to crash the market for high end power video cards for a good while.  Virtual Reality is just getting started going mainstream, except for the current severe lack of high end cards, which they require, and over pricing on what is available.  You can see it in the VR guys having to drop their prices to compensate.