South Korea dominates China in the Bitcoin Universe
Over the past few weeks, due to a massive turmoil in the Bitcoin market, Chinese Bitcoin market has officially fled from the scene.
Joseph Young and TurrDemrester reported via Twitter that South Korea had successfully passed China in the total trading volume of Bitcoin today.
Young posted on Twitter indicating the shift. The traders have shifted to South Korea as the changes in the processed transactions indicate. South Korea's largest exchanges have more processed transactions than Bittrex and Bitfinex.
The regulators confirmed that the exchanges of China will be closed shortly due to a gradual shift of the community movement of Bitcoin from China.
The shift towards South Korea is mainly due to the Bitcoins legalization in the country few months ago. Even though the country has its grip tightened on the market of Cryptocurrency, a move away from China has occurred.
Evidence of flexibility
It is obvious that the community of Bitcoin is flexible due to the shift towards South Korea. No government or authority was able to ban or control Bitcoin because it is a decentralized Cryptocurrency. In fact, embracement of the currency is considered to be the best route forward.
Since Bitcoin is remarkably multi-faced and flexible, cryptophiles had a strong belief in Bitcoin right from the early stages; even though they saw negative news about Chinese Bitcoin exchange markets.