Crypto activity in Asia is equivalent to that of the United States and Europe combined.
Messari’s research has delved into the Asian crypt currency landscape and revealed that the region accounts for almost half of all digital asset trading, and has six of the ten largest crypto unicorns.
The report, written by research analyst Mira Christanto, confirmed that China, Japan, Korea, Hong Kong and Singapore are market leaders with large liquidity reserves, adding that other Asian countries also have great potential for expansion.
„With Asia representing 60% of the world’s population, infrastructure companies around the world are interested in taking advantage of the growing market“.
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China also dominates in terms of whale activity and large trade, the report added;
„East Asia (mainly China) is dominated by large trades with 90% of all volumes above $10,000. East Asia is more involved in short-term trading in a wider range of assets, compared to North America, where the focus is more on long-term Bitcoin holdings“.
Citing Chainalysis data, the report says that during the 12 months to June 2020, Asia accounted for 43% of global cryptomoney activity, or nearly $300 billion in transactions. Cryptomoney activity in Asia is equivalent to that of the US and Europe combined, Christanto added.
During the recent rebound in the crypto market, several sales during the Asian trading session prompted comments in social media specializing in cryptomonies about the region’s influence on the markets.
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The report found that of the top 20 token projects, over 40% of the market capitalization is based in Asia. Companies in the region account for 94% of Bitcoin’s futures volumes.
„By the end of 2019, six of the world’s top ten crypto-currency companies were in Asia“.
These were Binance, Bitmain, Canaan, Block.one, Ebang, and Liquid, with half of them directly related to Bitcoin mining. China now controls 65% of BTC’s hash rate, but Malaysia has also entered the top five and accounts for 4.33% of the world’s hash, due to its favourable electricity costs.
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Despite constant regulatory pressure from the state, China has positioned itself as a blockchain centre and is expected to be the first country to launch a Central Bank digital currency (or digital currency/electronic payment, as it is called there).
The social communication networks talking about crypto-currencies have noticed the particular influence of Chinese traders, with the effect of the Chinese Lunar New Year being anticipated every year.
This can cause sharp fluctuations in Bitcoin prices and the markets have previously collapsed due to the big party. In 2021, the celebration falls on February 12th but the restrictions by Covid-19 may dampen its effect.