China was the center of Bitcoin trade while other Asian countries seem to have little or no interest in the cryptocurrency market.
But now, the tables have turned as the Chinese Government has been avoiding the virtual currency activity while hundreds of thousands of Japanese have thrown themselves into Bitcoin trading.
Currently, Japan’s main Bitcoin exchange, Bitflyer, is now the largest in the world just in the recent weeks. South Koreans have also shown a sudden interest in cryptocurrencies, though they have generally trade in Bitcoin counterparts like Ethereum and Ripple.
So far, the virtual trading activities in Japan and South Korea has not yet at par with China, in any significant way, to buying or selling things with Bitcoin or any of its competitors.
Since the Bitcoin was created in 2009, it quickly gained popularity in the trading industry around the world because of its anti-establishment appeal.
The price of bitcoin recently reached around $4,300 and was down by 12 percent from its peak last month but later bounced back to gain by another 50 percent from the low last month and is still up by more than 340 percent since the beginning of the year.
The price virtual currencies mostly experienced a plunge after the Chinese government’s actions against bitcoin. But this did not stop Japan and South Korea for being interested in the digital currency, and the prices of digital tokens recovered most of their losses