According to recent data on Cryptocompare, Japan controls 59.77% of the global trading volume. This is over double the bitcoin trading volume conducted in the United States. Currently, the US does 25.97% of bitcoin trading. Japan’s rapid ascent as a bitcoin trading hotbed comes as no surprise, though. The country was poised to adopt this role.
REASON FOR JAPAN SUDDEN GROWTH
One of the primary reasons for Japan’s major appearance on the scene is because of its pro-cryptocurrency attitude. The country has been building its crypto-asset infrastructure for awhile, especially since its government has taken a positive stance on bitcoin. The country was one of the first to fully embrace digital currencies by making bitcoin a nationally legal currency last April.
Another reason for this is the fact that news have it that China closed/banned some Bitcoin Exchange platforms in the country. Other countries expected to be recognized in the bitcoin trade now includes, South Korea, Russia, Germany and Australia.