Though the FSA made this request in the previous week, Apple pulled these apps from its App Store on February 6, barring Japanese customers from downloading them, as reported by Nikkei on February 7.

Japan’s approach towards cryptocurrency has been more conservative compared to other Asian markets. While Hong Kong approved the first spot Bitcoin (BTC) and Ether (ETH) exchange-traded funds (ETFs), Japanese officials remain cautious about the potential volatility and risks linked to crypto ETFs.

The FSA’s move to restrict downloads of unregistered crypto exchanges is not an outright clampdown against cryptocurrency investing, industry experts suggest.

As Anndy Lian, a renowned author and intergovernmental blockchain expert remarked to Cointelegraph, “This is not about turning off crypto investment. It’s about setting boundaries and declaring that if you want to participate in our market, you must abide by our rules.”

The FSA’s regulatory action comes about five months after it introduced a new tax reform for 2025 that will treat cryptocurrencies as traditional financial assets. Japan’s rigorous regulatory landscape is not an attack on crypto, but a means to ensure investor safety and accountability, Lian added.

The infamous Mt. Gox Bitcoin exchange, based in Tokyo, collapsed in 2014 following a massive hack, causing losses of over $9.4 billion for more than 127,000 investors. In a significant step towards mainstream acceptance, Mt. Gox completed 41.5% of its Bitcoin distribution to creditors on July 30, 2024, distributing a total of 59,000 Bitcoin.

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Bitcoin’s price has fluctuated between $70,000 and $54,000 over the past six months, maintaining a largely rangebound trading pattern. While this has frustrated some investors, Cipolaro points out that it demonstrates Bitcoin’s underlying strength. A significant factor influencing price pressure in Q3 was the resolution of major bankruptcies, including the Mt. Gox case. The redistribution of 204,000 Bitcoins (worth over $12.6 billion) and sales from U.S. and German governments also contributed to the pressure on the market. However, Cipolaro highlights that the fear of these coins hitting the market had a larger effect on prices than the actual sell-offs.

Traditional asset classes outpaced Bitcoin in Q3, benefitting from lower interest rates. Gold hit all-time highs, adding more competition to Bitcoin’s status as a store of value. Still, Bitcoin remains the best-performing asset in 2024, maintaining a lead over equities, gold, and real estate on a year-to-date basis.

Looking ahead, NYDIG is optimistic about Q4. Historically a strong quarter for Bitcoin, Cipolaro identifies catalysts like the upcoming U.S. presidential election as potential triggers for a price surge. According to NYDIG, a Trump victory could offer substantial gains for Bitcoin, but the cryptocurrency could also thrive amidst post-election market instability. Additionally, demand for U.S. Bitcoin ETFs, which pulled in $4.3 billion in total flows, continues to support Bitcoin’s price, with BlackRock’s iShares Bitcoin Trust leading inflows.

Cipolaro concludes that despite the headwinds, Bitcoin is positioned for a robust Q4, thanks to its low correlation with traditional assets, providing unique diversification benefits for investors.

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Impact of the Mt. Gox Transfer Early on Tuesday, the Mt. Gox cold wallet moved at least $9.6 billion in Bitcoin, according to data from Arkham Intelligence. This movement caused Bitcoin’s price to drop by over 15% in the past 24 hours, reaching $67,818 at 10:17 AM ET.

Market Reaction Despite the sudden dip, the GM 30 index, representing the top 30 cryptocurrencies, increased by 1.42% to 14,545. Analysts from QCP Capital suggest that this supply anxiety is a temporary issue and expect a broader upward trend by year-end.

Bullish Outlook QCP Capital outlines three reasons for a bullish medium-to-long-term outlook on Bitcoin:

• Stronger equity markets, particularly with companies like Nvidia, could pull crypto prices higher.
• Unprecedented political support for crypto in the US, and the expected demand for the Ether spot ETF.
• Reduced market volatility over the summer.

Expert Opinions Joshua Lim, cofounder of Arbelos Markets, noted that major creditors of the defunct Mt. Gox exchange are sophisticated investment firms. These firms likely use hedging strategies to manage their claims, which could temper market volatility in the medium term.

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