Cryptocurrency Traders In Japan Reduced Activity During COVID-19

The Japan Cryptocurrency Exchanges Association (JVCEA) reported that during the COVID-19 pandemic, the number of active traders in the country decreased and the yen deposits increased.

Judging by the data provided by JVCEA, the number of active accounts on cryptocurrency exchanges decreased slightly – from 2,048,501 to 2,044,806, that is, the number of active traders decreased by about 2%.

Market analyst at bitbank Yuya Haswgawa notes that although activity on cryptocurrency exchanges has decreased, the volume of deposits in fiat currencies on cryptocurrency exchanges has increased. 

It is quite possible that this is due to government assistance during the pandemic – the Japanese government allocated $ 940 for home ownership. At the same time, a significant part of these deposits was subsequently withdrawn.

“After the coronavirus crisis hit the financial markets, a large number of traders lost funds in liquidating positions. A significant portion of investors withdrew their balances to get at least some cash. Some have done this to prepare for the risks of job loss and lower income, ” Hasegawa noted in his article.

The analyst stressed that a slight decrease in the number of active traders does not mean that “the Japanese have lost interest in cryptocurrencies.”

Earlier it was reported that the Japanese authorities plan to add the issue of creating a state cryptocurrency to the plans for the development of the economy.

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