link4263 link4264 link4265 link4266 link4267 link4268 link4269 link4270 link4271 link4272 link4273 link4274 link4275 link4276 link4277 link4278 link4279 link4280 link4281 link4282 link4283 link4284 link4285 link4286 link4287 link4288 link4289 link4290 link4291 link4292 link4293 link4294 link4295 link4296 link4297 link4298 link4299 link4300 link4301 link4302 link4303 link4304 link4305 link4306 link4307 link4308 link4309 link4310 link4311 link4312 link4313 link4314 link4315 link4316 link4317 link4318 link4319 link4320 link4321 link4322 link4323 link4324 link4325 link4326 link4327 link4328 link4329 link4330 link4331 link4332 link4333 link4334 link4335 link4336 link4337 link4338 link4339 link4340 link4341 link4342 link4343 link4344 link4345 link4346 link4347 link4348 link4349 link4350 link4351 link4352 link4353 link4354 link4355 link4356 link4357 link4358 link4359 link4360 link4361 link4362 link4363 link4364 link4365 link4366 link4367 link4368 link4369 link4370 link4371 link4372 link4373 link4374 link4375 link4376 link4377 link4378 link4379 link4380 link4381 link4382 link4383 link4384 link4385 link4386 link4387 link4388 link4389 link4390 link4391 link4392 link4393 link4394 link4395 link4396 link4397 link4398 link4399 link4400 link4401 link4402 link4403 link4404 link4405 link4406 link4407 link4408 link4409

Japanese Exchanges Say Volumes are Real Pushing Bitcoin Price Up

Japanese Exchanges Say Volumes are Real Pushing Bitcoin Price Up

    

Over the past few months,

the Japanese Bitcoin exchange market led an upward momentum for the global Bitcoin exchange market, continuously pushing Bitcoin price to new highs. In a period of 30 days, Bitcoin price increased from $1,200 to $1,760, recording a 32 percent monthly increase in value. Cointelegraph particularly provided extensive coverage of the Japanese exchange market’s overwhelming performance and influence over the global exchange. The demand toward Bitcoin in Japan significantly increased following the legalization of Bitcoin and the acceptance of Bitcoin payments by the country’s single most influential electronics retailer Bic Camera. Also, some of the largest multi-billion dollar corporations have announced the launch of their independent Bitcoin and digital currency exchanges.

Absence of fees raises concerns

One criticism over Bitcoin’s recent price surge has been the absence of fees in the Japanese Bitcoin exchange market. Some analysts suspected that the Japanese exchange market’s decision to exclude fees could have a similar effect the Chinese Bitcoin exchange had on the global exchange market. In an interview, Japan’s two largest Bitcoin exchanges QUOINE and BitFlyer clarified that the Japanese Bitcoin exchange market does in fact have fees in place. Yuzo Kano, the CEO of BitFlyer, the world’s largest Bitcoin exchange which controls over 67 percent of the Japanese Bitcoin exchange market share

stated:

“We charge trading fees for BTC and ‘swap point’ for FX. So it’s a different situation from China before this January. We are seeing funds inflowing not only to BTC but also all crypto markets.”

Mike Kayamori, CEO of QUOINE, which also controls around 10 percent of the Japanese Bitcoin exchange market share further emphasized that fees are charged for all traders other than spot trading of BTC/JPY. Thus, the claims of analysts that there currently is instability in Bitcoin price due to the low fees or absence of fees on Japanese Bitcoin exchange market are false.

Kayamori says:

“At QUOINE, we are charging fees on all trades other than spot trading of BTC/JPY. Every other currency pair, as well as margin trading, there is a fee. And our spreads are quite large, hence our volume is actually lower in April/May than it was March.”

Bitcoin as an alternative investment

Jon Southurst, a journalist based in Tokyo, noted that high profile and institutional investors along with casual traders are seeking out for alternative investments such as Bitcoin due to the government’s quantitative easing practice. On April 24, Cointelegraph reported that Bitcoin price could surge as the Japanese government moved on to print massive amounts of cash. At the time, Holger Zschaepitz, the senior editor of the financial desk and market maniac at

Welt, stated:

“For such reasons, it can be concluded that the current surge in Bitcoin price and the rising demand toward Bitcoin in Japan are well supported and justified.”

Chuck Reynolds
Contributor
Please click either Link to Learn more about -Bitcoin.

Alan Zibluk Markethive Founding Member