Asia is not just the biggest and most populated landmass of the world but also a frontrunner in trading and economic activities. The cryptocurrency industry is undergoing massive growth, and Asia has become one of the most significant contributors to the revolution.
As per a report published by Messari, Asia tops in the crypto trading activity leaving behind North Americas and Europe.
Asian’s Contribute 43% of Global Crypto Activity
China, Korea, Hong Kong, and Singapore, along with Japan, have emerged as the leading crypto players in the markets. There is a massive capability in the Asian markets, and the Messari report suggests that the continent’s trade activity is larger than that of the US and Europe. Asian crypto activity accounts for more than half of the total activity in the world.
The report cited that East Asians make larger trades with volumes of more than $10,000. As compared to North American traders who focus on holding bitcoin for the long term, the Asian traders prefer short term trades covering a wider range of crypto assets. The report also cited that since Asia is a highly populated region, the various infrastructure companies strive to tap the growing crypto market in this region, where trade volumes can be high.
As per the report, the last 12 months’ data till June 2020 showcased that Asia had around 43 percent of the total cryptocurrency activity in the world, which is nearly $296 billion. The report analyzed the various factors which contribute to the enormous role of Asian countries in the crypto markets.
The factors like the prevalence of WIFI, e-payments efficiency, the high number of computer graduates, and affluent technology, Asian nations have contributed well to overall crypto growth. Also, Asia is a frontrunner in financial technology Shanghai, Hong Kong, and Japan emerging as leading stock markets in the world. The report said that Asians have brought newer crypto products in the market and thus account for 94%of Bitcoin and 98% of ETH futures volumes.
The report highlighted that the region had given leading crypto projects and firms. Out of the world’s top ten crypto companies, six are based in Asia. Even though the Chinese government is continually imposing regulatory pressure, the country has emerged as a pioneering blockchain development hub.
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