22 Million US Crypto Traders Overshadow Global Rivals

New research from DataLight has surfaced and it has found that amongst the top 100 Bitcoin exchanges, a whopping 22 million traders are from the United States. The closest to the US is Japan, with just 6 million traders.

Coinbase remains to be United States largest crypto exchange, being used by more than 10 million traders. What’s more mind-boggling is the fact that according to DataLight, there are a total of 68 million crypto traders across the world. This is more people than the entire population of the United Kingdom put together.

Source: DataLight

Turkey, the new kid on the block

DataLight’s report notes some interesting findings, including the impressive number of Turkish Bitcoin traders.

The report says,

“Turkey, for example, has in the last year seen wild fluctuations in the value of the Turkish Lira, as turbulent political conditions rock the country. Interestingly, on one day in August 2018, a 10% drop in the value of the Lira was accompanied by a marked spike in volumes on bitcoin exchange LocalBitcoins.”

However, even with the huge hype for cryptocurrency trading in the United States, it does not come all hassle free. Many of the law enforcing agencies like SEC and CFTC are claiming jurisdiction over these trades. What makes the matter more complicated is FinCEN (Financial Crimes Enforcement Network), a not so popular player when compared to SEC and CFTC, recently fined a Bitcoin trader.

Future of Crypto trading

The situation has gotten so out of hand that the Token Taxonomy Act is now reintroduced with a goal of toward simplifying the whole asset class. Under the proposed law, in-kind exchanges up to $600 can no longer be considered taxable income, and the SEC would lose jurisdiction over crypto tokens.

Binance CEO Changpeng Zhao had recently gone on Twitter to predict that the number of crypto users in the future will outpace the number of Internet users today.

The stats are however incomplete. They do not tell us the frequency of the trades or about the value of these trades. It will be interesting to spectate the crypto space for the next few years to see where the field will evolve into also putting into account the sudden boom in Blockchain technology as more and more Silicon Valley giants such as Google, Microsoft, and Facebook all start to board the Crypto hype train.Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news