Things might be looking good for the cryptocurrency markets as Japan’s largest bank, Mitsubishi UFJ Financial Group Inc, has announced it will float an exchange for the industry.
A digital currency exchange is simply a market where buyers and sellers of these currencies can meet to trade in various cryptocurrencies.
While this news is a welcoming development in the digital currency world, it is almost the opposite in South Korea where the government has taken various drastic steps that have nearly taken out all the major exchanges out of business.
Japan has since been at the forefront of the digital currency adoption, particularly its recognition as a legal tender that can be used to exchange for value and as well as the purchase of assets.
This news could as well bring some ray of optimism into the market, this is because the last 24 hours has been very negative for major digital currencies. Bitcoin has fallen to about $10,000 in the last 24 hours. Ripple, Ethereum, Litecoin and other major currencies with the largest market capitalisation have shed serious weights.