Specifically, The Japan Virtual and Crypto Assets Exchange Association (JVCEA) – a crypto-focused self-regulatory entity in Japan – has reportedly released its findings regarding the nation’s holdings of major cryptocurrencies in March.
Per the report, local exchange platforms reportedly held 169,376 BTC – an 11% surge compared to the figure recorded in February 2020. XRP and Ether also climbed up, by 6.4% to 3.2 billion and 5.7% to 1.14 million respectively.
Additionally, the number of Bitcoin Cash (BCH), Monacoin (MONA), Litecoin (LTC), and NEM (XEM) also underwent a slight incline during March.
Bitcoin spot trading volume reportedly stood at 617.3 billion yen (about $5.8 billion) in March – surpassing the same figure for XRP – the coin ranked 2nd regarding traded volume that month – by 11 times.
In March, Bitcoin reportedly witnessed a 25% drop. It began the month standing at approximately $8,600 dollars, but on March 12th – generally referred to as “Black Thursday” – it went through a steep fall for a short period, down to under $5,000, and closed off the month around $6,400.
“In the time of downward price movement, you can say that users send cryptos to exchanges for the purposes of taking profits or loss cutting. Another reason might be a Japan premium in the BTC market compared with the US dollar-based market after March 12th” Yuya Hasegawa, a market analyst at the FSA licensed crypto exchange Bitbank – reportedly explained how price movement and user’s holdings of crypto often are are “correlated inversely”.