Asian financial hubs lead crypto pack as US stutters

Switzerland-based cryptocurrency angel fund, Block0, has released a report on worldwide crypto asset trading trends which outlines the increased importance of Asian markets. Hong Kong, China, South Korea and Japan represented 58.1% of total trading volume in Q4 2017, and they now count for 77.2% (+19.1%) in Q2 2018.

US trading activity fell from 30.2% of global volume in Q4 2017, at a time when the mainstream market was experiencing its first interest in cryptocurrencies, to 12.7% (-17.6%) in Q2 2018. The total trading volume decreased from $5.9 billion in Q4 2017 to $4.9 billion in Q2 2018 due to market conditions.

“We are observing a breaking point regarding interest from Asian investors into blockchain technology startups. Asian financial hubs such as Hong Kong, Seoul, and Singapore are leading the pack when it comes to cryptocurrency activity,” says Block0’s Founder Manu Andorra.

What’s new, South Korea?

Block0 has also found that South Korean investors signal an in-depth understanding and interest into newer cryptocurrencies than other regions. Ripple was favoured in Q1 2018 with 34.3% of total KRW trading volume. In Q2 EOS was favoured with 32.9% of KRW injected into the market. BTC got a 26.4% and 18.4% market share in Q1 and Q2 2018, in the Korean market.

Western investors opt for the market leader Bitcoin with 53% of their USD, EUR, GBP moving into BTC over Q1 and Q2 of 2018. Block0 believes that Asian blockchain hubs will continue to dominate the market as investors and stakeholders seem more attentive to the progress and development of new blockchain protocols and are trading on this optimism.