China no longer affects Bitcoin

China will no longer be able to negatively affect Bitcoin price, he has only 1% of the total volume of world trade. Although the future of the crypto market in China remains uncertain, the Chinese government can no longer manipulate the market and adversely affect the price of Bitcoin.

October 16, Professor and head of the Department of economy Panos Mourdoukoutas have suggested that the China market may reduce the price of Bitcoin below $5000.

The Chinese government has banned Bitcoin and cryptocurrencies, limiting trade them. As a result, the trading volume on the stock market of Bitcoin in China has significantly declined, accounting for about 1% of global transactions in the Bitcoin market.

Global stock market Bitcoin already restructured, as trading volumes have moved from China to a more sustainable, regulated and efficient markets such as Japan and South Korea.

The last thing the Chinese government can take is to prohibit the use of overthe-counter (OTC) markets such as LocalBitcoins. But, trading volume on the OTC markets of China considering only trade Bitcoins for about tens of millions of dollars on a weekly basis, which is a small fraction of the global trade volume of Bitcoin in contrast to these exchanges, as Bithumb that handle hundreds of millions of dollars in afternoon trading.

In the medium term, the strengthening of South Korean and Japanese markets, the global cryptocurrency market will be more institutional investors and the price of Bitcoin will continue to grow at a rapid pace. For the last four days the Bitcoin price has increased from $4500 to $6000, registering a weekly gain of $1120.