COVID-19 triggered Bitcoin, Ripple and Ethereum holdings spike in Japanese exchanges

  • Bitcoin holdings in Japanese exchanges grow significantly in spite of the Coronavirus pandemic.
  • Ripple holdings came second to Bitcoin at 6.4% and above Ethereum.

COVID-19 has continued to terrorize economies are the world. Unemployment rates have skyrocketed especially in the US. Financial markets have suffered greatly with fear and panic leading to uncontrolled selloffs. Governments have resorted to proving stimulus packages to their citizens in addition to tax cuts and other subsidies.

However, according to a recently released report, holdings of digital assets have surged on most Japanese exchanges. The surge has been intriguingly linked to the Coronavirus outbreak. The report was released by the Japan Virtual and Crypto Assets Exchange Association. It highlights that the amount of digital assets held in the form of Bitcoin, Ethereum, and Ripple has increased greatly since March.

Bitcoin leads with an increase of 11% in relation to the previous month. Ripple surged by 6.4% while Ethereum holdings increased by 57%. Other cryptocurrencies that recorded significant increase include Litecoin, Mondacoin, Bitcoin Cash and NEM.

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