With the U.S. Securities and Exchange Commission (SEC) audit bitcoin Exchange Traded Fund (ETF), and introduced the encryption currency derivatives and other events, it is not difficult to imagine the bitcoin market will be driven by the news from the United states. However, the new study shows that promoting bitcoin prices and encryption of money market is Asia, not the west.
The western media may be misleading
In the early months of 6 to 2018 years, the U.S. Securities and Exchange Commission (SEC) chairman Jay Clayton (Jay Clayton) on the Committee whether in crypto currencies on the comment that the nature of the securities:
The United States Securities and Exchange Commission do this kind of thing has been for a long time, we have already set up a 19 trillion economy, one that is the envy of the world stock market, is to follow these rules.
Although the West now occupies a dominant position in the mainstream of the investment market, but this does not necessarily apply to bitcoin monetary market and encryption. However, the United States “trade experts” think, the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE) launched bitcoin futures is the main impetus for bitcoin price changes.
According to research firm Mosaic data encryption currency provides that the Asian influence of encryption currency market is much larger than the west.
The research firm said that Asia has 11 major news about encryption currency. These headlines influence on encryption market average of 18.61%.
For example, at the beginning of this year, CoinMarketCap removed the Korea exchange data of the event, according to Mosaic, this incident led encryption market plunged more than 57%.
As early as in the middle of 2018, when bitcoin prices rose from $6200 to $8000, many commentators pointed out that these are affected by the news from asia. At that time, the Chinese accelerated depreciation of the RMB, some of the rich domestic bitcoin will be regarded as a safe haven.
Asia leading mining and trading encryption encryption
First of all, Asia is mine and encryption encryption exchange to occupy the dominant position. Although China, in the fight against encryption currency, but, Singapore, Hongkong, Japan and South Korea is still a hot area of encryption currency trading platform and related business.
Why is the price information effect? In addition to significant trading volume, and the elements of the language. All Asian trading provides local language services for local residents, so local residents can provide more convenient services. Because of cheap electricity, Asia (especially Chinese) has been the leading encryption mining industry.
Earlier this year, the Hongkong based BitMex platform CEO Arthur Hays (Arthur Hayes) said, Asia trading than western encryption.
He said: Asia dominate the market because they are accustomed to encryption, encryption currency trading. In 20 years, South Korea has been in virtual trading game. When you turn the encryption of purely monetary transactions, they can easily recognize this, so they quickly accepted. Therefore, there is reason to believe that the impact on the news from Asia encryption market than the United States and europe.
The researchers conclude that the Asia played a “key role” in the encryption currency, “if investors want to better understand what is driving the encrypted currency price, the best looking east.”