The number of active crypto accounts registered in Japan remained dormant as coronavirus challenges trading in the financial market.
Prime Minister Shinzo Abe, on April 08, placed the country under the state of emergency, which analysts say, affects the crypto activity. The Japanese government proposed a stimulus relief package to each household amounting around to $940 (100,000 yen) which pushed investors to pull out their funds from crypto exchanges to get enough cash to prepare for possible income retrenchment and the risk of unemployment in the middle of the pandemic. That said, as the number of fiat deposits on exchanges increases in Japan, its trading activity in digital assets decreases. However, Market analysts in bitbank noted that it does not signal Japan is out of the trading field and not necessarily mean Japanese are losing their interest in cryptocurrencies. After all, Japan is still regarded as the leading in the world in cryptocurrency acceptance, regulation, and even legalization being the first of all countries to integrate into their legal system cryptocurrency and provide its citizens legit ways to participate into the crypto-focused industry.
Cointelegraph published that this week, there has been a high volume of crypto accounts that actively participated in trading in line with a $12,000 rise in BTC.