Bitcoin latest: Japan pushing cryptocurrency’s HUGE growth claims exchange chief

Monday, December 11, 2017
By Paul Martin

JAPAN exchange bitFLyer is said to be at the heart of bitcoin’s recent surge as the exchange said its investors are fuelling the cryptocurrency’s huge increase in value.

Mon, Dec 11, 2017

Yuzo Kano, chief executive of bitFlyer a Japanese trading platform for bitcoin said his Tokyo-based exchange was big enough to handle even the biggest market movements.

It boasts a 80 per cent share of bitcoin trading in Japan and 20-30 per cent of the global market.

Friday afternoon saw bitcoin in Japan standing at $16,000.

Mr Kano told the Financial Times: “I think Japan is leading the market higher.”

BitFlyer has now won authority to open in the US and currently ranks third for trading in the underlying digital currency.

Activity seems to be due to large inflows of yen which is being combined with the small amount of bitcoin available, which results in the price for the cryptocurrency rising.

Mr Kano said the amount of trading on the exchange was “roughly 50-50” between new and old investors and “the scale of deposits is steadily increasing. It’s pretty large.”

The majority of people participating in the exchange seem to be private individuals.

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