With events such as the SEC's approval of a Bitcoin ETF and the introduction of crypto-derivatives, one might think that the market is driven by news from the United States. However, new analyzes suggest that Asia and not the West is the dominant driver of the Bitcoin course. Western focus could be misleading:
It is true that the Western Hemisphere has a major dominance over the mainstream asset market, the same is not necessarily true for Bitcoin and the Altcoin market. However, it is not uncommon for US-based "trading experts" to argue that things like the futures CME and CBOE BTC drive the bitcoin price.
According to Mosaic, a cryptocurrency data and research firm, developments in Asia are impacting much more strongly on the virtual currency market than those from the western part of the world. The research firm says there have been eleven important news from Asia about cryptocurrencies. These headlines weighed on the market with an average of 18.61 percent.
In mid-2018, as the Bitcoin price rose from $ 6,200 to $ 8,000, many commentators pointed to news from Asia. At that time, affluent Chinese citizens turned to the crypto-currency Bitcoin as a haven as the government accelerated the devaluation of its currency.
Asia dominates the mining:
First of all, Asia dominates both the mining and the stock market landscape. Even with China's crackdown, other places like Singapore, Hong Kong, Japan, and South Korea are hot spots for numerous crypto platforms and related businesses. Earlier this year, Arthur Hayes, CEO of the Hong Kong-based BitMex platform, said that crypto trading is more developed in Asia than in the West.
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