After the massive upheaval in the Bitcoin market in recent weeks due to the negative news from China, it seems that the volume of Bitcoin transactions has changed in China and South Korea, something quite obvious. So much so that today the main exchanger of South Korea has processed more transactions than Bittrex and Bitfinex at the same time.
In addition to the exchanges and the pursuit of ICO’s, China wants to end directly the market of the crypto coins in the country penalizing also the mine. Something that does not seem crazy at all after the rumors about the ban on ICO’s and the closure of the exchanges were fulfilled.
In this way, they could block access to exchange offices operating abroad such as Coinbase, Bitfinex or Localbitcoins from the central internet access in the country, including access to the web version, the App, and its API interfaces.
Speaking of mining, they could discard the synchronization data of the Bitcoin blockchain in the main firewall in the country, coupled with the ban on executive outputs related to the Bitcoin world of China, as they are required to cooperate with the investigation and they are obliged to inform and cooperate with the authorities when necessary.
China, therefore, appears to be isolated, while the rest of the world seems to be moving forward, but questions are being raised about miners because of their 80% centralized operations in the country. As such, the miners seem to be preparing for the worst, thinking of moving to neighboring countries or areas like Iceland. Where most of the transactions and movements have moved, it is to South Korea whose exchanges report a much greater activity compared to the last weeks.
The change in China, therefore, represents a substantial move by the Bitcoin community away from the Asian giant, where regulators have confirmed that all Chinese exchanges will be closed soon and the total ban on crypto-coins may be imminent. The move to South Korea indicates a response to the legalization and adoption of Bitcoin in the country in recent months. Something to keep in mind is that we remember that Bitcoin is a crypto-virus and that it is decentralized, China can pretend to end the cryptocurrencies mother in the country but as we are seeing it is almost impossible and that, in addition, benefits neighboring countries that do this new economy,
For now the market has not suffered major falls and we will have to wait for news from the east and see how the Chinese miners respond.