Asia markets are important to the world of Virtual Currency Trading

Japan and South Korea have been the two biggest markets for cryptocurrency trading. In fact, the invention of Bitcoin has been credited to the untraceable man Satoshi Nakamoto who is said to be of Japanese origin. Japan is the first country to recognize Bitcoin as an official means of payment. Some Japanese have also been paying a share of their employees' salaries in cryptocurrency.

Meanwhile, South Korea has a tech-savvy population that is quick to learn and adopt new technology and gadgets. It has been a major market for Bitcoin and Ethereum. The herd-like behavior in trading has even caused an additional hike in the rates at which these currencies are traded in its market. It is said to be 30% higher. This difference is popularly known as 'Kimchi Premium'.

With the news of the possible ban on cryptocurrencies in China and now South Korea, Bitcoin prices have slumped down by almost 15% this week. This impact goes to show the relevance of the Asian market in the cryptocurrency world.

Also Read: Bitcoin Plunges After South Korea Prepares To Ban Cryptocurrency Trading

Ethereum back to number two spot

Despite Bitcoin falling down this week, Ethereum seemed to have been unaffected or rather benefited. It went up by over 25% this week, regaining its earlier spot as the second cryptocurrency based on market cap, tumbling down Ripple.

Ripple, Cardano, and Tron see a fall in price

Removal of South Korean exchanges from its listings and allegations against Tron could have been reasons for the prices of Ripple, Cardano, and Tron to fall by 35%, 21% and 47% (percentages rounded-off) respectively.

JioCoin and KodakCoin

There have been rumors of Reliance Jio Infocomm launching its cryptocurrency to be called 'JioCoin' and is said to have hired a dedicated team to work on it.

On the other hand, Eastman Kodak announced the future launch of a platform for digital currency that would use 'KodakCoin' cryptocurrency.

6 lakh cryptocurrency traders in India

The Income Tax Department in India conducted a survey and found out 6 lakh active traders on India's nine cryptocurrency exchanges that are between the age of 25 to 35 years. This goes to show that the Indian youth is positive about the virtual currency revolution.

Also Read: IT Dept Survey Reveals 6 Lakh Active Cryptocurrency Traders in India

Blockchain Technology could be the future of fin-tech

Ripple is claimed to have revolutionized banking and financial services by providing means to transfer funds using its platform and currency between banks around the world in minutes. This development is said to be the quickest and secure way of transferring funds with the convenience of converting the cryptocurrency into traditional currencies if needed.

Although not many governments have embraced cryptocurrencies as Japan did, they are surely convinced that blockchain is future. A highly secure and fast technology that could be applied in the financial world. NSE itself has been working on ways to apply it in the exchanges. Many exchanges around the world have welcomed it and have experts from blockchain startups working on it.

Also Read: How Does Blockchain Technology Work?