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It’s a little bit like a joke with several punchlines. Kim Jong Un climbed a mountain and … didn’t so much as scuff his black leather shoes. Or … was covered by the press as being able to control the weather. Those are two of the unusual headlines to pop up after…
The Pentagon is allowing transgender people to enlist in the military beginning Jan. 1, despite President Trump’s opposition . The new policy reflects growing legal pressure on the issue, and the difficult hurdles the federal government would have to cross to enforce Trump’s demand to ban transgender individuals from the military,…
Bitcoin’s value is higher than ever before, and the Japanese yen has been the top currency used within bitcoin’s global trade volume over the past year. According to the CEO of the Tokyo-based trading platform Bitflyer, Yuzo Kano, the current bull run is being bolstered by market movers utilizing leverage.
Bitflyer CEO Believes ‘Japan Is Leading the Market Higher’
The price of bitcoin has been on fire in 2017 gaining new all-time highs month after month. Every day global exchanges are swapping billions worth of bitcoin, but one particular exchange from Tokyo has been dominating the pack. Bitflyer created in 2014 by Yuzo Kano is one of the world’s top exchanges and usually captures the second and third position among exchanges globally. The Japanese yen has also been dominating the world’s trade volume and at times can be over 60 percent of global BTC trades. At the moment the yen is leading by 42 percent ahead of the U.S. dollar, and the euro. According to Mr. Kano, lots of Japanese traders are fuelling the market by purchasing with leverage of up to 15X based on their initial deposit.
Mr. Kano details in an interview with the Financial Times that a significant amount of demand is stemming from large holders and Chinese mining organizations.
“People who’ve owned them for a long time and have made a fortune — They have ¥10bn, and they’re selling a little,” explains Kano.
I think Japan is leading the market higher
‘No Matter How Big the Position We Can Close It Out’
Out of all the Japanese exchanges, Bitflyer captures the lion’s share of BTC volume compared to other operations within the country. According to global statistics, Bitflyer captures over 70-80 percent of the country’s share of volume at any given time. A few times this year Bitflyer and other trading platforms have also seen far higher prices than the global average. Last week when the price came close to the $ 17K range, Japanese exchange prices were $ 1,000-500 higher. Bitflyer’s options and leverage markets trade bitcoin at 75 percent in derivatives and 25 percent BTC which Mr. Kano says is fueled by frequent traders and arbitrageurs.
Even though leverage markets are dominating Mr. Kano’s explains in his interview that he doesn’t fear the risk of a significant market panic which could suck up actual liquidity.
“We have a huge amount of liquidity. No matter how big the position we can close it out. If bitcoin rose 20-fold in a day, then I don’t know. But a day with a 30 percent fall would be no problem,” Mr. Kano emphasizes.
Margin trading and leverage options have been growing increasingly popular over the past few years, and when China dominated the markets, they also dealt with a lot of leverage positions. Mr. Kano also reveals Bitflyer is aiming to cater to U.S. investors and hopes to attract them with the company’s significant liquidity. The exchange recently was approved to receive the Bitlicense in New York and will tend to U.S. customers with its latest cryptocurrency exchange venture.
What do you think about Mr. Kano saying that bitcoin markets are being pushed higher by leverage and arbitrageurs? Let us know in the comments below.
Images via Shutterstock, and Bitflyer.
The post Bitflyer CEO Says Japan and Leverage Is Leading Bitcoin Markets Higher appeared first on Bitcoin News.
Jermaine O’Neal knows all about player vs. fan fights (Malice in the Palace, anyone??) … so when we got J.O. at LAX, we had to get his reaction to Quinton Jefferson almost going full Ron Artest at Sunday’s Seahawks-Jaguars…
Celebrity chef Mario Batali is stepping away from the TV show “The Chew” and the day-to-day operations of his restaurant empire after a report detailed sexual misconduct allegations from multiple women spanning at least two decades.
Batali did not deny the allegations against him, saying in a statement…
Three people have been arrested for allegedly throwing firebombs at a synagogue in the Swedish city of Göteborg, the second anti-Jewish attack in the Nordic nation in two days.
WSJ.com: What’s News Europe
Who knew whipping up guac could be such dangerous business? A British retailer, apparently, as it has just introduced a pitless avocado to the masses to prevent the injury known as “avocado hand.” The Guardian reports on Marks & Spencer’s limited-edition cocktail avocado, a variety grown in Spain and usually…
He was famous on social media, then went silent. Now Wu Yongning’s fans have learned why he stopped posting in November. The BBC reports that the Chinese daredevil, known for posting videos of himself at the top of tall buildings scaled without safety devices, is confirmed to have died in…