Cryptocurrency Trading Spikes in Japan
Japan’s financial watchdog agency has released data about the crypto boom in the country for the 1st time ever.
The report from Japan’s Financial Services Agency (FSA), translated by Coindesk, indicated that at least 3.5-M people were trading on 17 domestic exchanges as of end of March 2018, solidifying Japan’s position as a cryptocurrency trading hub.
The data demonstrated that 84% of cryptocurrency traders were between the ages of 20 and 40, reaffirming the fact that much of the cryptocurrency frenzy has been fueled by a spike in trading activity by Millennial-aged investors.
Bitcoin is currently trading at: 6,921.3149, +86.3198 or +1.26%, as of 1:58a BST, the market is open.
The regulatory agency revealed that in Japan, trading volume of Bitcoin, the world’s largest digital coin by market capitalization, skyrocketed 340% in the 3 year frame, from $22-M in March 2014 to $97-B in March 2017.
Trading on margins, credit and futures of bitcoin as an underlying asset increased from a mere $2-M to a whopping $543-B over the same respective frames.
The price of cryptocurrencies such as Bitcoin have taken a hit this year on investor fears rise regarding heightened regulatory oversight around the world on the high-flying decentralized market.
The highly volatile asset has returned near 500% over the most recent 12 months, compared to the S&P 500’s 12.7% rally over the same frame.
The crypto markets’ record hot run caused a global mania, leading many who were once on the investing sidelines to get into trading, particularly Millennials around the world experiencing FOMO, or fear of missing out, and hoping to get in on the next big thing in tech before time ran out.
The FSA data suggests that despite a crackdown by governments worldwide, Japan remains still an epicenter of digital asset trading.
HEFFX has seen strong interest from Japan for the building and management of Cryptocurrencies and Cryptocurrency Exchanges.