US Crypto Traders are the Most Active on Major Exchanges, Data Shows
US crypto traders are among the most active investors across all major cryptocurrency exchanges. This data came from the data analytics firm DataLight.
— DataLight (@DataLightMe) February 4, 2019
The data was taken from five major cryptocurrency exchanges. Many of the other cryptocurrency exchanges used daily were not added to the list. US residents don’t have access to a number of cryptocurrency exchanges, due to strict SEC policies. Cryptocurrency exchanges don’t want to deal with potential legal ramifications and so often don’t allow US residents to use their services.
The US is by far one of the strictest countries when it comes to cryptocurrencies, but that doesn’t mean its domestic exchanges are faulty. It’s no surprise the US crypto traders rank highest on Coinbase, seeing as it’s the US’s most used cryptocurrency exchange. Coinbase is based out of San Francisco, California and was founded back in 2012. Currently, the company states it has over 20 million users and over $150 billion traded on its platform.
In the DataLight study, US crypto traders are less represented on the Hong Kong-based cryptocurrency exchange Bitfinex. Many of these exchanges are launching their own over-the-counter (OTC) trading desk that offers around 200 cryptocurrency assets. The reason being is that these exchanges are seeking to attract institutional investors. Many have refrained from entering the cryptocurrency market due to hacks, the bear market, and lack of options.
Institutional investors usually like to trade in large volumes and the OTC trading desks will help facilitate just that. It remains unknown at this time what the figures would look like per country if they were to include all major cryptocurrency exchanges such as OKEx, Bit-Z, and DigiFinex. Still, once OTC desks are introduced the cryptocurrency market could see a flood of US crypto traders and institutional investors.
Featured Image: Depositphotos/© aa-w