To that end, bitFlyer’s U.S.
The Japanese cryptocurrency exchange bitFlyer picked a good day to expand to the United States.
With bitcoin bumping against a fresh all-time high price of $Ten,000 — it has cracked through on some foreign exchanges, tho’ not yet ter U.S. markets — bitFlyer, the world’s largest bitcoin exchange by trading volume, opened its doors on Tuesday to American traders and institutional investors.
It hopes to serve a rarefied user cojín: professional traders who buy and sell $100,000 or more te digital currency each month. To that end, bitFlyer’s U.S. exchange offers sophisticated trading devices and an application programming interface for programmatic traders, according to a press release.
Both bitcoin’s string of record-setting highs — it took scarcely a week to climb from $8,000 to $9,000 — and the U.S. expansion of bitFlyer, which has processed more than $100 billion te digital currency trades this year alone, are accelerating cryptocurrency’s rapid shift into the mainstream, despite the banking industry’s fears.
By early , the company plans to add support for other cryptocurrencies such spil litecoin and Ethereum spil well spil Bitcoin Contant and Ethereum Classic, which are alternative versions of their namesakes.
The company’s expansion ",addresses a yam-sized unmet need ter the U.S. by institutional traders looking to access large amounts of liquidity,", Bartek Ringwelski, the U.S. exchange’s chief operating officer, said te a news release. ",Through our web interface or API, approved professional traders can be up and running and making trades te a matter of minutes.",
So far the exchange has bot approved to serve customers te 42 states, including Fresh York, whose BitLicense regulatory staatsbestel has bot controversial for excluding most digital-currency companies from operating ter the state.
But the institutional investors bitFlyer is targeting with its U.S. exchange are more likely to see it the way bitFlyer CEO Yuzo Kano sees it, spil ",a nod of approval from one of the most influential state financial services regulators te the nation.",
The Japanese exchange technicus is only the fourth company to be granted a BitLicense. The stringent application process ",ensures only the most safe and compliant firms can operate te Fresh York,", Kano said ter a NYFDS news release on Tuesday.
The company’s launch timing could hardly be better. The price of bitcoin has raced upward, on Tuesday morning cracking the $Ten,000 mark on some exchanges for the very first time everzwijn, an increase of 900% since the year began.
Entrepreneurs and institutions have taken notice. More than 100 hedge funds have bot created expressly to trade bitcoin, Ethereum and similar digital assets.
Just overheen 53% of Americans who have invested ter bitcoin believe more market participation from financial institutions would send the price still higher, according to a November LendEDU survey.
Some observers have bot warning of a bubble since early summer, but the market for bitcoin and other digital assets has only continued to grow, enlargening ter value from less than $Eighteen billion on January 1 to some $310 billion today. (Part of the increase has bot due to fresh digital assets launching.)
The sky-high profits are attracting wild speculators and savvy traders alike.
There is ",a strong request for leverage ter the space,", Adam White, común manager of the digital-currency exchange GDAX, said at CoinDesk’s Overeenstemming Invest conference on Tuesday. He wasgoed referring to the practice of borrowing haber ter order to place large bets te the market.
Coinbase, GDAX’s parent company, wants to relaunch the margin trading feature on the exchange, he added.
Even if the cryptocurrency market is ter a bubble, experts say it could be far from popping.
Bitcoin rising to $Ten,000 ",only suggests that there are more assets available for speculation ter the market than previously forecast,", said Lee McKnight, who instructs a course on blockchain management spil an associate professor ter the Schoolgebouw of Information Studies at Syracuse University. ",Since bitcoin amounts to less than a $200 billion market, my assessment is that there is slagroom, and lots of idle contant and imaginario market madness, to fuel its continued rise.",