During the last few months, the Japan’s Bitcoin marketplace led an upward momentum for the worldwide Bitcoin exchange marketplace, pushing Bitcoin to new highs. During thirty days, Bitcoin price raised from $1,200 to $1,760, recording a thirty percent growth in value.
The demand toward Bitcoin in Japan grow following the legalization of Bitcoin and the acceptance of Bitcoin payments by the Japan’s most influential electronics retailer Bic camera. Additionally, a number of the biggest Japan’s organizations have noted the launch in their independent Bitcoin and cryptocurrency exchanges. Some critics over latest Bitcoin price surge has been the absence of fees within the Japan’s Bitcoin marketplace. A few analysts suspected that the Japan’s exchange market’s choice to exclude bitcoin fees might have the same impact as the China’s Bitcoin exchange had on the international Bitcoin exchange marketplace.
However, Japan’s two biggest Bitcoin exchanges QUOINE and BitFlyer clarified that the Japan’s Bitcoin marketplace does in have expenses in place.
Yuzo Kano, the chief executive Officer of BitFlyer, said:
“We charge buying and selling fees for bitcoin and swap point for FX. Therefore, it’s a specific situation from China earlier than this January. We’re seeing finances inflowing not just to bitcoin but additionally all cryptocurrency markets.”
Mike Kayamori, chief executive Officer of QUOINE, which controls almost ten percent of the Japanese Bitcoin exchange marketplace share mentioned that Bitcoin fees are charged for all investors other than spot exchange of Bitcoin and Japanese Yen. Therefore, the claims of analysts that there presently is instability in Bitcoin price because of the low expenses or absence of fees on Japan’s Bitcoin marketplace are fake.
Mike Kayamori said:
“At QUOINE, we are charging Bitcoin fees on all trades other than spot trading of Bitcoin and Japanese Yen. Every other currency pair, as well as margin buying and selling, there’s a fee. Moreover, our spreads are quite huge. Therefore our quantity is truly decrease in April and may than it was March.”
Jon Southurst, a journalist from Tokyo, mentioned that excessive profile and institutional traders together with informal investors are looking for some other investments including Bitcoin because of the authorities’s quantitative easing practice.
Holger Zschaepitz, the senior editor of the financial desk at Welt, cited:
“For such motives, it can be concluded that the modern surge in Bitcoin price and the growing demand toward Bitcoin in Japan are properly supported and justified.”