Topic: Asia Pushes Bitcoin Past $25K (Read 313 times)

Let say that while Asia trying to welcomed a Blockchain technology and encourage her people to embrace it, it's because they have known the important of cryptocurrency, do you know that most of the countries who kicked against cryptocurrency and especially bitcoin will indirectly welcomed again, because when you peruse into the technology of Bitcoin you know the advantages of using Bitcoin transaction, so if i were the Asia president or whosoever that implement the law of them using cryptocurrency especially bitcoin, i would have make it a legal tender so that Bitcoin will be more recognize and also have a legacy by accepting Bitcoin as legal tender.

I think everyone must acknowledge the existence of Asia, because the population is definitely the largest and more importantly, the largest crypto community is confirmed to be in Asia, so any prospects that occur in Asian countries will affect the growth that occurs in the crypto market. Even though what you say is hard to know about the biggest bitcoin owner you say is in Asia, it could be true and that's what causes the crypto market to also be affected by news from Asian countries.

That is true and the increasingly widespread receipt of bitcoin in the Asian market also has several factors that are not implicitly against trust in banks that are increasingly chaotic about their service systems, although there are some that still prohibit bitcoin and have not received it. Technology factors have also developed rapidly in Asia, making it easier for people to receive bitcoin, if the prohibition still applies several countries in Asia, personally can move to accept it, because the concept of decentralization can be used in its journey.

We hope that all of this continues and more broadly, so that more people can take advantage of the opportunity to trade on the exchange, even if it is unlikely to be used as a legal tender. These points are closely related to the acceptance of bitcoin in Asian markets in my opinion.

As the largest market in the crypto market, of course everything in the Asian market will have a big impact on the market. I've heard that some of the big Bitcoin owners are from Asia and become the driving force for the market to rise or fall. It's only natural that any latest news in Asia will be awaited. and often become a tool for making decisions.

While certain elements of the statement hold true, there are also numerous unverified presumptions that require careful consideration.
Asians have a substantial number of Bitcoin users, enabling seamless national transactions free from additional fees and taxes. However, strict laws and restrictions imposed by some Asian banks are pushing people towards other avenues, including the use of cryptocurrency.

Note that the rise in Bitcoin's price is not solely due to increased demand from Asians, as many other factors such as global market conditions and supply and demand play a significant role. It is also essential to acknowledge that not all Asians use Bitcoin or cryptocurrencies, which makes it challenging to attribute the rise in Bitcoin's price solely to this demographic.

May I know where the data and reports that you took and you saw came from so that you express it like this?
Because from what I see now it seems very deviated from what you are saying. Local sources that I see say that Australia is the country with the most Bitcoin users. But I tried to look again at several other sources if it turns out that the country with the most Bitcoin users is the USA with a total of 46 million

And for Bitcoin user data in the Asian region, you can see it here at the analyticsinsight.net source, which does not mention China. But if you want to see data for this year, namely 2023, you can also use that source where Japan is currently the first for this matter and also followed by the United States. So next time please check the data first before you say something like this at this time.

Reference:

• https://databoks.katadata.co.id/datapublish/2022/03/17/
• https://triple-a.io/crypto-ownership-data/
• https://www.analyticsinsight.net/top-10-countries-with-the-highest-number-of-crypto-users-in-2022/
• https://www.analyticsinsight.net/top-10-countries-with-high-cryptocurrency-users-in-2023/

What report? Can you include the link to the source of that report to verify this figure. I wonder how Chinese still get 38% of the Bitcoin user despite there country ban Bitcoin and strictly monitor all their citizen that violating the law.

Vietnam and Singapore is now the hotspot of crypto currency which means they have the most active users of crypto and not China.

According to reports, many data show that the largest user of bitcoin is Asia, which reaches more than 38%, and China is the largest country that is an active user of bitcoin. It is natural that top exchanges such as Binance, Kucoin, Huobi and so on become bigger and stronger than the on the other hand, when the Asian market takes any action, of course it will affect to bitcoin.

Asians are more in numbers, when we count for Bitcoin users. So definitely they will be playing the vital role in pushing or pulling the price of the coin. Bitcoins have really helped Asians to do deals nationwide without paying extra fees and taxes. Moreover the Asian banks have imposed strict laws and restrictions on each users, for which many people are hating to make deals in Fiat and avoiding the banks. Hence they are demanding more cryptos, specifically Bitcoins and finally the price is rising in order to maintain the demand.

Seems this is a repeat of a year earlier where the opposite was happening. The regulations were under way in Asia and most sessions it was bearish. Then when New York time hit it was bullish again. Went on like this for a while and you could of made good trades if you noticed the trends.

Now i notice when we are in the Asian session there is a lot of buying. Then in New York it varies depending on how bad the macro is. However this is something that you should consider before taking any bearish trades in Asian session.

I think his point is that Asia has a lot of bad experience in the past as compare to the West and even EU that a slight change and disrupt in financial systems, they are going to look for alternatives and other option to hedge their wealth. So obviously, bitcoin is really the best alternatives for now, there could be others though, but I guess Asia is deep into Bitcoin as we all know of it. Majority of the countries are friendlies, China used to be the biggest miners, they have the monopoly, well Japan and South Korea is not far behind. And there are South East Asian countries that are also on the front, like Singapore, Philippines and Hong Kong as well heavily invested on BTC.

I don't think it is only Asia who is buying and pushing the bitcoin price to nearly 28,000$ (as of this writing). People all over the world have realized in the recent past how unreliable is the whole banking sector and the only thing which can protect their capital is bitcoin.
Sooner or later the US will again start the Dollar Printer and inflation will be out of control.
I think mankind has discovered the best store of value in the form of bitcoin.

The ongoing crisis is not only limited to Asian countries but it was felt around the world therefore people on other countries are also looking for the same thing on where is the best place to hedge their wealth. As long as Bitcoin is allowed on them, they will consider it as one or the best medium currently due to its deflationary properties. Aside from hedging, Bitcoin and other cryptos are also best for investing or for trading.

I think it wasn't Asia alone who push the price pass $27k because before this news have been reported, there are other positive news that we have received. This are just an addition but it's great so that we can gain a stability and ensures us that the increase will now continue.

Maybe if I can be more specific with the lost faith in banks, maybe with middlemen? Upon analyzing the situation here in my country, there are digital banks that support crypto and you can even buy from them which is a good thing right? What I'm trying to say here is about the traditional and modern ways of banking. I do like some modern banks that you can be flexible with savings and using it as a wallet etc.

I wouldn't be shocked that they are a lot more disciplined about these type of things, even if it is something as wild as bitcoin, they probably got themselves ready for something like this so that they would be making a good profit about it.

It is not going to be as simple because bitcoin is volatile and it will always end up with a bit of a waiting time and that is why it's hard to handle it all, but that doesn't change the fact that "if something bad is going on with the fiat world, turn it into bitcoin" type of thing, it definitely makes sense and feels like something Asians could do. Specially people from japan, they always been strict about finance.

Yes, Asia, and specifically the Middle East region, may be the next Bull Run, as the CEO of Binance said. The Gulf countries, especially the Arab Emirates, have witnessed a great openness to crypto in the recent period, which made many crypto companies go there.

With the clear tightening from the US and Europe towards cryptocurrencies and the more open policy from Asia, we are sure to see most crypto-related companies and services move to Asia.

I agree with you 100 percent.

High possibility of partaking in the new goals of the financial system. They might wanna break the western world bond in terms of rules, and regulations, and also heavy charges are always incurred in the USD. Asia is one of the continents that's highly advancing and is better at doing it as compared to the US. I mean the US is all gone into too much hype and recent debts are even more than what they had last year and so on.

I am not sure if Asia is the reason Bitcoin is moving towards newer prices but it does have lion's share in all of these. The use case mentioned in the OP is something that denotes progress in the crypto space and the contribution of Asian countries.

Let us embrace the power of developing nations and many of them are really above developing, to be honest but it's the western media that shows only the poor side of it. Anyways some of the westerners could not digest that. Let us hope the quest of embedding the blockchain and bitcoin into the system keeps rolling like this all the time.

Then bitcoin fans pay attention to Asia. If things are going so well there and btc adoption is at the forefront, then it could be a good place for blockchain technology professions as well. Most likely, we will observe some outflow of specialists in this field to those countries.

Well, what more can I say about this. Countries that see the benefits of blockchain technology will develop faster and leave others behind. It makes sense to join the leaders.

Perhaps Asian knows a thing or two on where to hedge their wealth because of the ongoing crisis around the world. And it just make sense though, even if you are not from Asia, crypto is one of the best assets that we can invest right now.

We will see how long they are going to push it, right now we just past $26k. But the thing right now is that Asia market might be close or stop trading since it's nigh time now. And it's time for the other side to sell bringing the price down, or continue to do so to be able to get into $27k'ish range.

Asia's potential in terms of crypto has been quite positive since the end of the 2019 disease. From some news sources from local sites that I read, Asia is supporting prices to continue strengthening from $20K to a chance to reach $28K although I dare not say that it is true for sure.
There is an assumption that some analysts think that it is due to US regulations and also has to do with macro concerns and is inseparable from continuing developments in Asia.

In fact, Asia's positive potential has been seen since 2022 with data illustrated in a graph of Ownership of Cryptocurrency that I found on the We Are Social website.



Source:
[1]. https://investor.id/market-and-corporate/322398/sentimen-positif-dari-asia-jadi-penopang-bitcoin-bakal-melaju-ke-us-28-ribu
[2]. https://wearesocial.com/uk/blog/2022/07/the-global-state-of-digital-in-july-2022/

But your post is similar to the one published by coindesk today;


https://www.coindesk.com/markets/2023/03/17/first-mover-asia-asia-pushes-bitcoin-past-25k/

Um, just one question here:  did you do the tedious dictation work necessary to transcribe a news broadcast into a forum post?  I'm not going so far as to accuse you of anything, but that tagline "good morning, here's what's happening" is a Bloomberg thing if I'm not mistaken, and it looks like Coindesk has also adopted it.  If that's not the case, may I suggest not ripping off mainstream media shit?  It's tacky.

And I still have suspicions about the wording in your post.

The basic question is Why is Asia quickly becoming a major player in the world of blockchain and cryptocurrency. The main reason is that thanks to its large population, thriving economy, and advances in technology, Asia is well-positioned to take the lead in the development and adoption of blockchain and cryptocurrency technologies.

Take Singapore and China, for example, which have been at the forefront of blockchain development, with their governments investing heavily in blockchain startups and approving blockchain-based trading platforms. also making strides in the blockchain space, using technology for supply chain tracking and exploring the use of digital yuan thereby making the region a hub for blockchain development and adoption.

Two of your 3 reasons seem to be the facts why Asia is considering accepting cryptocurrencies. While I somewhat disagree that most Asians have lost faith in banks.

The advancement of digital technology in Asia has really encouraged many developers to contribute to the crypto industry. I've found my country's government friendly to crypto even if they don't approve of it being used as legal tender. That's not a problem, but the point is that Asia is increasingly able to regard these cryptocurrencies as a form of digital development.

Finally, this could be a good reason why Bitcoin will surge pass 100k in 2025, but I am still feeling concerned about the battle on Crypto from the US government, I just feel like the wipe-off isn't over yet, what will open door for the retailers to enter the market again? Only a massive dip will look attractive to retailers.

It's not important.

Bitcoin has to rise after months diving at bottom. Do you know the Xi pump in 2019? Now in another bear market, 4 year later we got another pump from the East, from Asia?

I don't know Asia countries changed or contribute to blockchain and cryptocurrency a lot in 2020 to 2021 bull run or not. You judge it yourself. The current pump is manipulated with news from Asia but it's not because of Asia.

In 2019, Bitcoin Jumps 12% as China's Xi Embraces Blockchain, Boosting Crypto Sentiment

I remember several years ago, when Japan and South Korea were considered to be extremely Bitcoin/crypto friendly. This changed and the governments of both countries imposed heavy regulations over the crypto industry. China was also Bitcoin/crypto friendly, until 2016 or 2017, if I remember this correctly. Russia was hostile towards crypto years ago, but now it's kinda difficult to determine where the Russian government wants to go in terms of crypto adoption. In summary, most Asian countries are unpredictable, and you never know when they will change their policies in regards to Bitcoin/crypto.
I think that the current crypto price pump has little to do with Asia and something to do with the negative news about some American and European banks.

When we say that Asia is the force that is pushing Bitcoin higher and higher past $25K, I am assuming that more and more individual and institutional buyers based in Asia are getting in love with this digital asset as the world is now closely watching the banking crisis that started in USA and is now spreading to Europe. Well, this is quite possible but I need a reference to confirm this fact. Anyway, I am happy that at this time Bitcoin is detaching itself from stocks and is now standing the way it should be: one of the best safe haven assets alongside gold and silver which are also rising these days.

the US bank run is over and done with for Us its now business as usual

UK bank of SVB got bought up by HSBC so it appears there is money flows on the asia side (HSBC is asian)

whe we will see is more people wanting to hold crypto rather than stable coins. and thats what we are seeing now

That's funny, last year Asia brought BTC down, and now they are doing the opposite. But I'm glad to see it anyway and I wonder if it will hold $25K now.

I think this because the US and EU are pushing away the cryptocurrency industry. Blockchain-based companies are moving to a safer haven where governments are setting up a particular venue for them. Asia is the place to be even China which still rejects crypto, is allowing Hongkong.

But I wonder what sorts of projects they welcome besides BTC. I don't think its Asia that causes the price to go $25k, but this must be because of the bank runs.

Generally, Asia is more accepting of Bitcoin. In general, I could think of a couple of things why.

• Asia has been technologically advanced in recent years
• Lack of trust in Banks
• Transferring money has become easier

That is the current trend in the world, and Asia is at the front of it. I think it will continue in the next decade and hope it will rise in price.

Asia pushes to become the next big thing in the crypto world.

Good morning. Here’s what’s happening:

Prices: Bitcoin is pushing past 25K and its correlation with stocks is decreasing.

Insights: Plagiarism, fork or simple mistake? the Shiba Inu community is debating the origin story of the Shibarium blockchain.


Asia is seeing a rise in blockchain and cryptocurrency adoption as governments and businesses look to modernize their systems. In Singapore, the Monetary Authority of Singapore has given approval for a blockchain-based trading platform for tokenized securities. In China, blockchain technology is being used for tracking pork supply chains. South Korea is also seeing a rise in blockchain-based projects, with the government investing in blockchain startups and exploring the technology for voting systems. India has also recently lifted its cryptocurrency ban, leading to increased interest and investment in the industry. Overall, Asia is quickly becoming a hub for blockchain and cryptocurrency innovation and development.

Summary: Asia is embracing blockchain and cryptocurrency, with Singapore approving a blockchain-based trading platform, China using blockchain for supply chain tracking, South Korea investing in blockchain startups, and India lifting its cryptocurrency ban. This is making Asia a hub for blockchain and cryptocurrency development.
Source.