According to a report from Cointelegraph Japan, the USA is the biggest source of traffic for cryptocurrency exchanges.
The Block published the results of the study that analysed exchange data. It shows that the USA accounts for 24.5% of exchange traffic. Japan is in second place with 10%, showing that the gap is large between the USA and other countries. For example, South Korea is in third place with around 7% of the traffic and the UK is in eighth place with around 4%. Countries right at the bottom of the table, with less than one percent, include Morocco, Angola and Qatar.
However, the data is not perfect, because traffic from countries like China that censor crypto activity by blocking exchanges is suppressed, otherwise they would surely feature at the top of the table. As The Block says, people in those places must use VPNs, to protect their IP address and originating country.
Looking at the data regionally, North America is still by far the largest source of exchange traffic, followed by Europe and Oceania. Asia and South America have similar levels of traffic activity, but Africa has the least. However, as The Block points out, there is a positive correlation between GDP per capita and traffic when population was taken into account, meaning the data shows poorer countries aren’t trading crypto as much as wealthier countries.
For a more in-depth analysis of cryptocurrency exchange traffic by The Block, follow this link. It shows that about half of the total traffic in the last six months came from the USA, Japan, South Korea, Indonesia and India. It also discusses each country’s traffic relative to its population and shows that Singapore, Switzerland and South Korea have the highest interest in cryptocurrencies relative to the size of their populations.