A report published by Mosaic has found the Asian region to be exerting a leading influence within the cryptosphere, despite China’s ongoing crackdown on digital asset platforms. The study finds Asian news events to have a significant effect upon BTC price volatility and highlights the increasing number of cryptocurrency exchanges targeting Asian traders.
Also Read: Bitcoin ATMs Double in Number This Year
Asian News Events Exert Significant Influence on Price
The report asserts that major Asian news events have a significant effect on BTC price fluctuations, estimating that since 2013, “11 major headlines from the Asian region have been responsible for [BTC] price movements.”
The price moves that occurred within 10 calendar days of said news events ranged between 0.5 percent and 57.5 percent, with the average price swing found to be approximately 18.5 percent. As of this writing, the average daily volatility for BTC has been roughly 5.5 percent over the last 30 days, and 3.5 percent over the last 252 days.
The report also emphasizes the influence of Asian countries on the mining sector, asserting that Asia is home to approximately two-thirds of the world’s BTC hashrate and 11 of the 17 largest mining pools by hashrate.
A Third of New Exchanges in 2018 Are Based in Asia
According to the report, of the 37 exchanges that launched during 2017, 20 were found to have registered in Asian countries. The most sought-after jurisdiction was Singapore with eight new crypto exchanges, followed by Hong Kong with four, and South Korea and mainland China with two each.
However, the Mosaic notes that the proliferation of new exchanges in the Asian region may have been boosted by China’s crackdown on virtual currency trading platforms, highlighting a slowing in the number of new Asian exchanges during the first half of 2018. Of the nine exchanges identified by the report to have launched during 2018, only three registered in Asia, with mainland China, Hong Kong, and Singapore hosting a single new exchange each.
Mandarin is Second Most Supported Language Across Crypto Exchanges
The report asserts that as of late July 2018, there were 86 cryptocurrency exchanges hosting live BTC pairings. They were found to support 24 different languages, nine of which are Asian – including Mandarin, Korean, Japanese, Cantonese, Vietnamese, Thai, Hindi, Indonesian and Malay.
Mandarin was found to be the second-most supported language, with 65 percent of the exchanges supporting Mandarin as the default or secondary language on their platform. English was the most commonly supported language among the exchanges, with 97 percent. Korean was the third-most supported with 33 percent, followed by Russian with 30 percent, and Japanese with 23 percent.
Do you think Asia is the region with the greatest influence and impact on cryptocurrency? Share your thoughts in the comments section below!
Images courtesy of Shutterstock
At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.
Source : Bitcoin