Tuesday, August 16, 2022

Who buys bitcoin and cryptocurrencies? -Market Overview: Asia vs Europe & USA

The chart above clearly shows that Asian investors have dominated the crypto market for the past two years and most of the smart money in the market appears to be coming from the Far East. Investors in Asia were able to sell the top in early 2021 and then buy the bottom in summer 2021.

As bitcoin fell to $40,000 in the summer of last year, Asian investors were the first to buy on the downside and sell for the first time in November 2021, when bitcoin reclaimed its all-time high. In May 2022, trade volume in Asia was at its highest level since the previous summer, as the region benefited from lower prices at the expense of wholesale sales in the US and EU.

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The collapse of Luna and the subsequent bankruptcy of some of the biggest players in the industry such as Three Arrows Capital and Voyager has left Europeans and Americans more concerned than ever when it comes to the crypto market. The miners’ surrender and the broader macroeconomic outlook have not improved the situation.

However, the Asia-led narrative is changing rapidly. Data from July 2022 also showed accumulation outside Asia, as US and EU markets are buying bitcoin together for the first time since early April. This could indicate that the West is starting to see bitcoin as a valuable asset in times of macroeconomic and geopolitical uncertainty.

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In the following chart you can see the monthly changes by the respective region:

Nation World News Desk
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