Binance Research: Asian countries are pushing up the price of bitcoin

According to the observations of analysts at Binance Research, in Asian countries, Bitcoin is trading 3-5% higher than in other markets.

Are East Asian countries going to Crypto?

– Leveraged $ BTC on @Bitflyer has persisted since mid-May 2019

– BTC / $ KRW has been up to 5% on @BithumbOfficial , a 7 month high

– China's OTC premium on $ USDT / $ CNY has risen to 2019 pic.twitter.com/8aH7tePk0n

– Binance Research (@BinanceResearch) 15 June 2019 p.

So, at bitFlyer, the largest Japanese cryptomarket, there is an extremely high activity among traders who use leverage. In May, the price of Bitcoin on this trading platform was 5% higher than in most other markets.

A similar situation on the South Korean spot exchange Bithumb, where the so-called “kimchi premium” recently reached 5%, which is the highest figure in the last seven months:

Bitcoin also enjoys significant demand in Chinese over-the-counter (OTC) markets. There, in early June, the premium reached an annual maximum of 3.22%:

According to the Coinhills , after the US dollar, the Japanese yen and the South Korean won are the most traded fiat currencies with BTC:

It is not excluded that the demand for bitcoin in export-oriented Asian countries is largely spurred by global uncertainty caused by the trade war between the United States and China. At least, analysts at Grayscale Investments are sure of this.

For more information about the impact of the trade war between China and the United States on the price of Bitcoin and the industry as a whole can be found in the exclusive BlockchainJournal here .

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