Japan has always been the hub of innovation and technology. Japanese have shown far more acceptance for crypto space than others. They were the first few countries to integrate crypto space in their economy.
Recent news suggests that crypto exchanges in Japan have seen a two hundred percent (200%) rise in crypto accounts over the course of the past two months. Bitpoint, DMM Bitcoin and Coincheck are leading cryptocurrency exchanges in Japan. According to their collective reports, the interest of the masses in the crypto space has increased significantly since March 2019.
This indicates that people who previously were not interested in crypto are now developing an interest in it. The rising number of accounts on crypto exchanges indicates that more people are not open to adopting cryptocurrencies.
The sentiment was also boosted because of the recent bullish market momentum in crypto space. This bullish market trend gave these hesitant investors some confidence to finally experience the space themselves. It is possible that most of the bullish trend was due to this as well.
The aforementioned crypto trading exchanges have revealed their analysis. Bitpoint noticed that the rate of new accounts increased three times in May and two times in April as compared to March. Similarly, DMM noticed that the number of new accounts opened in May was the multiple of the numbers in March. On the other hand, Coincheck experienced a three times increase in new account numbers in May as opposed to in March.
Coincheck commented on when the actual rise started. It stated that the exact date was the 14th of May. This day was the one that saw a whole seven times more active online accounts as compared to the ones on a daily basis in the month of March.
This also explains the bitcoin price movements in May and March. In May Bitcoin hit new highs and settled near eight thousand two hundred and fifty ($8,250) levels. While in March it was trading near the three thousand seven hundred and fifty and four thousand one hundred and fifty range ($3,750-$4,150)
Just recently, Kraken also experienced a nine million dollars ($9.3 million) gain over the course of two days only. This means Japan is on its way to massive crypto adoption.