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Pandemic Dampens Japanese Interest in Cryptocurrencies

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Japanese Interest in Cryptocurrencies

COVID-19 pandemic dampens Japanese interest in cryptocurrencies.

Analysts at the Japanese exchange Bitbank reported the first reduction in the number of active accounts on the country’s bitcoin exchanges in the past two years. Two years of data from the local self-regulatory organization JVCEA are posted on the company’s blog.

Japanese Interest in Cryptocurrencies

In the graph above, you can see the constant growth of the indicator since December 2018, which was interrupted in March 2020. The account is assigned the category “active” in case of non-zero balance and at least one operation per month.

At Bitbank, this turn of events is associated with the outbreak of coronavirus infection. Experts believe that economic uncertainty and volatility in the cryptocurrency market in March could limit the desire to trade and cause the need for fiat.

Japanese Interest in Cryptocurrencies*Trading volume and size of assets on trading accounts

Other reasons which dampen Japanese interest in cryptocurrencies

“The coronavirus has hit the traditional financial market and sparked margin calls. At that time, many investors, perhaps, had no choice but to withdraw funds from crypto-exchanges” – the analysts noted.

It is possible that psychological factors also pushed clients to this decision. Many Japanese could start preparing for the declining income and rising unemployment in the face of the emergency.

Experts do not believe that the decline in activity on Japan’s bitcoin exchanges will develop. After the stabilization of the stock market, the trading volume of the first cryptocurrency in April and May showed an increase.

Recall that in Japan, the second most popular cryptocurrency among investors is Ripple (XRP), slightly behind bitcoin.

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