As of the first week of October, cryptocurrency prices have struggled to continue climbing. This is a sign that some of the regulatory policies put in place by Asia, could once again be affecting pricing across the world.
It is not a big secret that the Eastern Asia region has become one of the centers of cryptocurrency across the world. China helped to continue the bull-run for the various currencies for the bulk of the year, and South Korea continued to show that high-tech nations can help to make it prosper, but that may not be the case anymore. Both those countries have now put a series of bans on the currencies and are beginning to clamp down with an iron fist on the market as a whole.
With that being said, Japan has emerged as the one bit of hope in the Far East. In the country, bitcoin has become fully regulated throughout the third-largest economy in the world. With the passing of the Payment Services Act, digital currency became legalized in the country. Since that, around a dozen different exchanges have come to fruition in a short period of time. Japan has a lot to offer in the world of cryptocurrency, and continues to show it.
Although the market saw a decline after its high in early September, it seems to be back on the rise. With the support of several large players in the financial industry such as Goldman Sachs and BlackRock, it seems like the industry may be gaining its much needed traction. The number one currency in the digital space, bitcoin has been trading around the low $4,000 range while Ethereum, the number two currency, has struggled to surpass the psychological milestone of $300. Hopefully Japan can help to lead the fight in legitimizing what could become the future of finance.