Even though Bitcoin trading is still officially prohibited in China, according to a new study, this country provides the most substantial share of cryptocurrency trading volume. Furthermore, Asia, the most populated region in the world, holds the largest market share, with the highest whale activity and, consequently, the largest deals.
The Chinese government has continually stated that BTC is officially banned in the country. Nonetheless, the nation stays one of the largest and most important participants in the development of the main cryptocurrency.
As you know, China provides over 60% of the Bitcoin hash rate, which means that most of the miners are located in this country.
Analytical company Messari conducted a study that evaluated the level of dominance of the country in numbers. In addition to the largest pool of miners, the most populous country in the world has the largest communities of crypto developers and is home to “the three largest world crypto exchanges.”
However, the study’s authors recognized that the government’s “hostility” towards the virtual asset sector has forced local investors to hold a smaller amount of BTC. In this regard, they focused on larger and more regular transactions.
Nevertheless, this did not prevent Chinese exchanges from taking a leading position among the world markets in terms of trading volume.
