Sunday, February 5, 2023

JVCEA Statistical Data Shows Japan Deposit Balance Is Increasing

Japan Crypto Asset Trading Association (JVCEA), on April 26, released the statistical data of domestic businesses.  Currently, a total of 29 crypto exchanges and derivative traders operating in Japan are the Type 1 member of JVCEA.

For quite a long time, the crypto market in Japan has been experiencing a surge in its users’ deposit balance. In March 2021, the value reached over $61.8 billion. Compared to March 2020, the balance of deposit in March 2021, was 6.92 times higher. It is to be noted that in just one year the crypto market has grown significantly.

However, the trading volume of the crypto market came down by 18 percent. In the year 2020, the trading volume had reached over $3.85 billion, but a year later, it was down by $6.46 billion. Also, margin trading, which earlier was over $1.84 billion, came down to $6.1 million in January 2021.

As per the report, in March 2021, the US Federal Reserve Board released data showing the growth of accommodative monetary policy which also helped the stock market in its growth. Even, bitcoin experienced a great surge in the year 2021. In January 2009, its value reached $30,000 but in the year 2021, the world’s largest cryptocurrency was doubled and reached $60,000 in a month.

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