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Recent history is full of research and discoveries made in the west that has revolutionized a person's life and lifestyle. So it would be natural to assume America and Europe would be the decisive driving force when it comes to hitting countries bitcoin prices. An error that was immediately exposed by recent research that found that the Asian markets have the maximum impact.
Is the west the best?
In the United States there was a slew of activity that focused on Cryptos. News on the Securities and Exchange Commission [SEC] the approvals and (above all) refoulements for Bitcoin ETFs or the introduction of various cryptocurrency derivatives make it erroneously assume that this is the main driving force of the market. When Jay Clayton, the president of the US SEC, answered questions about their position on cryptocurrencies, he said: "We (the SEC) have been doing this for a long time, and we have built a $ 19 trillion economy, a market title that is the envy of the world, following these rules. "The day after the market fell.
There are few who will argue with the almost total dominance that Western countries exert on the traditional market of activities, after all it is home to most of the developed nations of the world. However, the same metrics do not apply to Bitcoin and the other coins, so they must be seen with a pair of new lenses. Yet many self-styled US-based "trading gurus" continue to discuss how things like CME or CBOE BTC futures are affecting Bitcoin prices.
In their study, the cryptocurrency data and research company, Mosaic have shown that, contrary to popular perception, the news coming from Asia have had a greater impact on the cryptocurrency market than previously thought. The data analyzed show that almost a dozen important news from Asia concerning cryptocurrencies had a direct negative impact of about 20% on the market.
To understand this better, Mosaic points out that the markets have crashed by almost 50% when CoinMarketCap has removed data from a number of South Korean trades. On the other hand, when China has devalued its currency, many have noted how Chinese citizens have turned to Bitcoin. This saw the BTC rally in mid-year when prices hit more than $ 8000. Using these and other examples as evidence, the document shows that it is increasingly Asia and not the West, which is the primary force behind the cryptocurrency markets.
Asia has already been a leader in the segments
With its colder indoor climates and discounted electricity tariffs, China is home to more than half of the industry's mining production. Even after the country fell heavily in crypto trade, surrounding nations, such as Singapore, Korea and Japan, continued to be attractive options for such deals. This focus on localized interactions has ensured that while Asians are not on top of the retention crypt, they take into account high trading volumes.
Another decisive factor is the large young population that is aware of the technology. With most "developing economies" corruption is a huge problem, Blockchain offers a solution like few other alternatives. This meant that many countries like Thailand and Indonesia looked at this as a viable option.
Speaking of an aspect that has been ignored, the game; The CEO of Hong Kong's BitMex platform, Arthur Hayes, believes that cryptocurrencies adapt perfectly to Asian sensitivity and therefore the market is more developed. Speaking of the impact that the games have had, he said "Asia dominates the scrambles because they are very used to digital trading resources." South Korea has exchanged digital goods related to games for two decades. it switches to a digital currency based solely on money, they understand it culturally, so they quickly embark. "Therefore, it is obvious that news from that region would have a much greater influence on the market than the United States and Europe.
Researchers have drawn the conclusion that Asia now plays a pivotal role in cryptocurrencies and that investors who observe encrypted prices should pay attention to news from the East, particularly from the Far East. This should not surprise the average cryptic enthusiasm as Asian giants such as Korea and Japan have continuously strengthened their cryptic laws to give the nascent youth a fair chance.
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