Bitcoin climbed to current levels due to its popularity in Asia

The last days were relatively calm for Bitcoins. Cryptocurrency is traded in a range of 16 000 - 17 000 thousand dollars and almost does not make sharp movements in one direction or another. However, many wonder: what exactly pushed him to such levels, unthinkable a few months ago? In addition to such obvious reasons, as the launch of Bitcoin futures in the US, there are less obvious. According to the report of the Wall Street Journal, the last few months Bitcoin has become extremely popular among traders and the population of East Asian countries, and not only Japan and China. CryptoCompare states that Japan, South Korea and Vietnam last month provided more than 80% of the total trading volume.

Last week, when there was another powerful surge in activity in the Cryptocurrency markets, South Korea surpassed the US in terms of trading volume. According to experts, South Korea occupies a quarter of the world trade in BTC and LTC. More and more ordinary people are beginning to be interested in Cryptocurrency, and many of them subsequently become participants in the system, thereby pushing the rate on the crypto currency is higher. On some Asian exchanges, Bitcoin is already trading at a mark of $ 25,000, almost 50% higher than the price on dollar exchanges.

The current situation is unprecedented in that the price of Cryptocurrencies is pushed up by ordinary traders and ordinary buyers, rather than institutional investors or hedge funds. Chief strategist for markets in the IG Group, Chris Weston, said the WSJ:

"It feels like this whole thing is being driven by the average Joe who isn't nearly as financially literate as a professional fund manager."

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News that the government in South Korea may issue prohibitions on Bitcoin trading, futures contracts, and an outright ban on ICOs will no doubt affect participation levels. China was once the leading country for crypto trading, being responsible for over 65% of all the Bitcoin issued on a given day. Mega factories in the People's Republic still churn out as much as 80% of the global supply of Bitcoin as it has become virtually impossible for individuals to mine it.

India is also taking a stronger stance with central banks there issuing more warnings about crypto trading this week. Vietnam banned Bitcoin entirely at the end of October, and clampdowns followed in Indonesia last week. Nations of Asia are generally a lot more autocratic than those in the West; control is more important than financial freedom. For now though, traders in Japan, Hong Kong, Singapore, and Thailand can still get in on the crypto craze.