The Bitcoin and Asian market go a long way back, ever since a vibrant ecosystem of Bitcoin ETFs and cryptocurrency derivatives came into existence, gradually reducing the Western dominance on cryptocurrency markets.
While there is no denying that the Western hemisphere did enjoy prominence in the mainstream asset market initially, several studies involving extensive cryptocurrency data now show that the developments in Asia have a far more significant impact on the digital currency market than any other.
Bitcoin and Asian market: A love-hate relationship
To start with, not only do Chinese Bitcoin mining farms control sixty-six percent (66%) of the global bitcoin computer power, but they also exert substantial influence on the Bitcoin mining rate, all thanks to abundant availability of affordable electricity, labor and mining chips. It was also revealed that eight out of the ten most successful mining pools belong to the Asian market.
Despite China’s renewed efforts to slow down crypto-related activities in the country, the China National Development and Reform Commission (NDRC) decided against imposing the crypto mining ban last year. Following the ban suspension, several industry leaders expressed their optimism toward Bitcoin and Asian market and described the move as “bullish for Bitcoin.”
Moreover, even though Bitcoin trading still does not enjoy legal status in China, Chinese leader Xi Jinping urged his citizens to embrace Bitcoin’s underlying technology, blockchain, wholeheartedly, and deploy it across all industries to use it to its full potential.
Bitcoin and Asian market: A hotbed for cryptocurrency exchanges
Additionally, over the last two years, the region has witnessed an influx of cryptocurrency exchange platforms, with over forty percent (40%) of recently-established exchanges operating in Asia.
And while the Asian market steers more than half of Bitcoin’s daily trading volume, all this data only goes to show that without this region calling the shots, we may not only see a dramatic decline in trading volume and market capitalization but may as well bid adieu to alternative cryptocurrency funding.
The love affair between Bitcoin and Asian market seems to be blossoming, but only until now. Post the coronavirus pandemic wreaking large-scale havoc on the global economy and ultimately transforming the way we live, work, and shop these days; it may not be wrong to assume that the Asian moon is finally waning.
Though the Chinese get the most blame for starting the pandemic by some habit of eating or poor hygiene, Asians are the most progressive. I am inclined to take the side of one of the influencers of crypto space, Karnika E Yashwant, a.k.a. Mr. KEY. Though all may not all agree, let’s be open-minded, this pandemic can still turn out to be a boon like he said.
“This coronavirus outbreak is a disaster, no doubt. But every coin has two sides. The good part I think outweighs the bad.”
1) “Awakening” that we are not ready for a bio-war and nature’s reaction to the destruction of our planet
2) Onset and adoption of an all-in digital economy for education, governance, shopping, data, lifestyle, and more is more evident than ever. Now it’s no longer a choice. The world cannot go back to the same old ways. How many would like to stop remote working and start going back to offices, spending 2-3 hours a day in public transport?
How many kids should be restricted to few available teachers at their schools compared to an open and massive market of smart and intelligent global teachers? Accessibility has already been proven. I believe the adoption will fuel more, and it will be our lifestyle long before the coronavirus issue settles.
– Mr. KEY (Karnika E. Yashwant, CEO, KEY Difference Media)