Reportedly, China was touted as the largest Bitcoin trading nation until early 2017, accounting about 90% of trading volume. “But it has become clear that some exchanges inflated their volumes through so-called wash trades, repeatedly trading nominal amounts of Bitcoin back and forth between accounts,” Reuters mentioned in a report. Chinese trading volumes have plummeted heavily after Chinese authorities have imposed transaction fees and now represent less than 20%, Reuters reported citing a website Bitcoinity. Now, the largest Bitcoin trading happens in Japan as there are huge retail investors which have taken riskiest bets in the past. According to a Reuters report, Japan has emerged as a major force in Bitcoin’s spectacular rally, now accounting for an estimated 30-50% of trading in Bitcoin.
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