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.
The US boasts more than triple the crypto traders of Japan, its next closest rival. | Source: DataLight.
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.”