Before a state of emergency was officially declared to stop the spread of the pandemic in Japan, overall activity in cryptomoney exchanges declined, while there was a surge in fiat deposits.
According to data released in March 2020 by the Japan Virtual and Crypto Exchange Association (JVCEA), the number of active crypto currency accounts registered in the country decreased from 2,048,501 in February to 2,044,806 in March. This means that 3,695 fewer accounts may not have marketed any digital assets.
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Deposits increase, activity decreases
Yuya Hasegawa, a market analyst at bitbanc, reported that although activity among cryptomoney traders declined in March, the number of fiduciary deposits at exchanges increased in Japan.
In part, this may be because households were expecting to receive a JPY 100,000 stimulus payment, approximately USD 940, which had been proposed by the Japanese government. According to the analyst, many of these deposits did not stay long in the exchanges. Prime Minister Shinzo Abe declared a state of national emergency in Japan on April 8.
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„When the Crown shock hit the financial market in general, a good part of the investors could have withdrawn all their funds from the cryptomoney exchanges to raise some cash,“ Hasegawa said in an August 3 report. „Some investors may have done so to prepare for possible risks, such as reduced income and unemployment, which could be caused by a state of emergency.
Still trading in Japan
However, Hasegawa says that a slight decrease in the number of active accounts „does not necessarily mean that Japanese users are losing interest in cryptomonies.
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If anything, activity may have increased, as Bitcoin (BTC) was particularly bullish on its way up to USD 12,000. Cointelegraph reported that generally low-activity crypto-currency accounts in Japan had 2-3 times the trading volume this week.