COVID Pandemic Yields Japanese Exchange Holdings of Bitcoin To Burst

158

As of coronavirus pandemic, Japanese ownership of cryptocurrencies such as Bitcoin, XRP, and Ether turns to burst.

The self-regulatory institution for the crypto industry in Japan, the Japan Virtual and Crypto Assets Exchange Association (JVCEA)  recently disclosed an announcement that in March Japanese possession of major cryptocurrencies. 

Japanese exchanges hold 169,376 BTC, further 11% from the prior month. XRP was up 6.4% to 3.2 billion XRP. Ether stood up further than 5.7% to 1.14 million ETH. 

As of March, the volume of Bitcoin Cash tends to boast  (BCH), Monacoin (MONA), Litecoin (LTC), and NEM (XEM) tend to boast. 

March resulted, the volume of Bitcoin spot trading to be 617.3 billion yen (about $5.8 billion), i.e 11 times additional as compared to the trading volume of XRP.

Influence of Black Thursday and the Japanese market

March resulted, Bitcoin to be depressed by 25%. It turned the month at over $8,600 dollars and as on March 12, remarked as “Black Thursday”, it dropped below $5,000. Bitcoin finished off the month $6,400. 

As of the downfall of the crypto market, Japanese Bitcoin followers weren’t reluctant to purchase. Also, the case aroused that the Japanese investors were transmitting additional cryptocurrencies to exchanges for sale.

Communicating with the Bitcoin world, Yuya Hasegawa, a market analyst at the FSA licensed crypto exchange Bitbank, clarified that price movement and user’s ownership of cryptocurrency are “correlated inversely”. 

Additionally, he clarified that:

“In the time of downward price movement, you can say that users send cryptos to exchanges for the purposes of taking profits or loss cutting. Another reason might be a Japan premium in the BTC market compared with the US dollar-based market after March 12th”

As of corona pandemic Global Investors amassed cryptocurrencies. As of U.K. crypto trading app Mode, Baby Boomers (born 1946-1964), and Generation-X (born 1965-1980) investors boosted their monthly Bitcoin involvement.

 Janis Legler, Mode chief product officer investigated that their conclusions “could potentially reveal an unprecedented change in the way investors think today, as a result of the global pandemic.”