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43% of crypto trading comes from Asia, says Messari report

Home to more than half of the world's total population, Asia is also the leading region when it comes to crypto trading.

Image by: Wikimedia Commons

Tue, 26 Jan 2021, 09:47 am UTC

Asia is leading the world when it comes to crypto trading, according to a recent report by Messari. The region, which is home to over half of the world’s population, accounts for almost half of digital assets trading.

Messari’s report revealed that Asia accounts for 43 percent of the world’s crypto trading, according to Cointelegraph. Messari is an online database for the cryptocurrency industry with an open-source data library aimed at helping investors, regulators, and researchers.

With their deep pools of liquidity, China, Japan, Korea, Hong Kong, and Singapore are the market leaders in Asia’s crypto landscape. The reports also added that other Asian countries have great growth potential making them very attractive for crypto business.

“With Asia accounting for 60% of the world population, infrastructure companies across the world are interested in tapping the growing market,” research analyst Mira Christanto wrote. Christanto is the author of the recently released Messari report titled “Asia’s Crypto Landscape.”

East Asia leads the pack when it comes to high-value crypto trades. “East Asia (mostly China) is dominated by larger trades with 90% of all volumes above $10,000,” Christanto added. “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.”

Crypto futures trading is also popular in the region with Asian companies accounting for 94 percent of BTC futures volumes. Meanwhile, the top 20 token projects are based in the region as well. These projects account for more than 40 percent of the market capitalization.

The region is also home to the six largest cryptocurrency companies. “By the end of 2019, six of the top ten largest crypto firms in the world were located in Asia,” the report added.

These companies referred to in the report are Binance, Bitmain, Canaan, Block.one, Ebang, and Liquid. China also leads the world in crypto mining with 65 percent of BTC has rate while Malaysia was able to enter the top five with its 4.33 percent share of the global hash rate.

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