By CCN: The overwhelming majority of crypto traders come from the United States, according to surprising new research from DataLight.
The firm analyzed traders using the top 100 Bitcoin exchanges and found that over 22 million users hail from America. The next in line is Japan with 6 million, followed by South Korean’s 5 million users.
US Dominates Crypto Trading Industry
Collectively, it takes almost six other countries to reach the same number of traders as the US.
Notably, Korean exchanges like Bithumb report massive volume, but this volume is likely almost entirely fake. Several exchanges also engage in “transaction mining,” where users are rewarded for conducting trades, which means pumped-up volume.
DataLight’s report notes some interesting findings, including the impressive number of Turkish Bitcoin traders.
“Turkey for example, has in the last year seen wild fluctuations in the value of the Turkish Lira, as turbulent political conditions rock the country. Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on bitcoin exchange LocalBitcoins.”
CCN, incidentally, recently reported on problems that people are having with Turkish exchange Sistemkoin.
Turkey sports a population of nearly 80 million people, 2.4 million of whom trade. This is about 3% of their citizens, compared with 7% of the US population trading cryptos. Meanwhile, nearly 6% of all people in the UK trade cryptocurrency. These figures are quite high, but the report also doesn’t account for the frequency of trading. The data would be much more interesting if it were colored in light of how heavily each country trades.
‘Crypto Nation’ Hits 68 Million Citizens and Just Keeps Growing
The United States remains a regulatory…