Research by Messari has delved into the Asian crypto landscape and revealed the region accounts for almost half of all digital asset trading, and boasts six of the top ten largest crypto unicorns.
The report, penned by research analyst Mira Christanto, confirmed that China, Japan, Korea, Hong Kong, and Singapore, are market leaders with deep pools of liquidity, adding that other Asian countries also have great potential to scale.
With Asia accounting for 60% of the world population, infrastructure companies across the world are interested in tapping the growing market.
China also dominates in terms of whale activity and larger trades, the report added;
East Asia (mostly China) is dominated by larger trades with 90% of all volumes above $10,000. East Asia engages in more short-term trades over a wider variety of assets, compared to North America where the focus is more on long-term holdings of Bitcoin.
Citing data from Chainalysis, the report stated that over the 12 months to June 2020, Asia accounted for 43% of global cryptocurrency activity, or almost $300 billion in transactions. Crypto activity in Asia alone is equivalent to the U.S. and Europe combined Christanto added.
During the recent crypto market rally there were several selloffs during the Asian trading session sparking commentary on crypto social media about the regions influence on markets.
— Dalai Lambo (@BustinJ74027175) January 12, 2021
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