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.

John Isige FXStreet

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.

Author

John Isige

FXStreet

John Isige is a seasoned cryptocurrency journalist and markets analyst committed to delivering high-quality, actionable insights tailored to traders, investors, and crypto enthusiasts. He enjoys deep dives into emerging Web3 tren

Top Altcoins Price Forecast: XRP and ADA rebound as DOGE lags behind

The broader cryptocurrency market shows early signs of a bullish recovery, with Bitcoin rising above $65,000 amid improving retail sentiment. Top altcoins, including Ripple and Cardano, are gaining bullish momentum, while Dogecoin continues to consolidate, holding above a crucial support zone.

Ripple and Stellar outlook: Mixed signals keep traders at a crossroads

Ripple and Stellar trade within tight ranges as traders await the next directional move. XRP’s technical indicators suggest bearish momentum is fading, while XLM continues to consolidate near a critical support zone. Mixed derivatives metrics highlight growing market indecision, raising the likelihood of a volatile breakout in either direction in the coming days.

Shiba Inu Price Forecast: Extends gains as on-chain and derivatives metrics confirm bullish bias

Shiba Inu extends gains, trading above $0.0000042 after breaking above the descending trendline the previous day. Strengthening on-chain data and improving derivatives metrics support further gains for the meme coin. CryptoQuant’s exchange netflow chart below shows five consecutive days of net outflows since July 17.

Bitcoin climbs above $65K as ETF flows recover despite rising macro risks

Bitcoin (BTC) has climbed above $65,000 on Monday as improving onchain activity, recovering US spot Bitcoin exchange-traded fund (ETF) flows, and stabilizing derivatives point to a more balanced market, according to Glassnode.

Bitcoin’s potential recovery in the second half hinges on these 4 catalysts

Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.