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On November 20, unbiased cryptocurrency data provider CoinGecko published a study on the nations affected by FTX's failure. In case you didn't know, FTX International, not FTX US, was the exchange that declared bankruptcy. Asian nations are the most affected compared to other nations because the majority of FTX International customers are based there.
Top 10 Most Impacted Countries by FTX's Collapse (Source: CoinGecko)
In the CoinGecko study, monthly users rather than the total amount of money users lost in each nation were used to identify the top 30 nations most negatively impacted by FTX. With a combined 15.7% traffic share to the exchange, the study reveals that South Korea, Singapore, and Japan were the countries most adversely affected.
South Korea had the most monthly users, according to CoinGecko, with the largest traffic share of 6.1%, or an average of 297,229 unique visits each month to the exchange. The South Korean government intends to implement the Digital Asset Basic Act as a project to regulate cryptocurrencies.
With 241,675 monthly users, or 5% of FTX's total traffic, Singapore placed in second place. According to the publication, Binance's closure in Singapore in December 2021 led to a conversion to FTX. With 223,513 unique users from that country visiting FTX on a monthly average, Japan has the third-largest user base. A significant Japanese investor in FTX, SoftBank, made a $100 million commitment early this year. Taiwan and India were also among the top ten, and the top 15 Asian countries accounted for more than 25% of FTX users.
Final Thoughts
The crypto market has been in the negative today as FTX contagion fears persist. The price of bitcoin is $15602.4 at the time of writing, down 3.22% from the previous day. Ether's price has also dropped to $1082.6, or 4.25%, in the past day. Numerous additional altcoins are also in the danger zone. As we near the end of 2022, the bear market might have just begun.
On November 20, unbiased cryptocurrency data provider CoinGecko published a study on the nations affected by FTX's failure. In case you didn't know, FTX International, not FTX US, was the exchange that declared bankruptcy. Asian nations are the most affected compared to other nations because the majority of FTX International customers are based there.
Top 10 Most Impacted Countries by FTX's Collapse (Source: CoinGecko)
In the CoinGecko study, monthly users rather than the total amount of money users lost in each nation were used to identify the top 30 nations most negatively impacted by FTX. With a combined 15.7% traffic share to the exchange, the study reveals that South Korea, Singapore, and Japan were the countries most adversely affected.
South Korea had the most monthly users, according to CoinGecko, with the largest traffic share of 6.1%, or an average of 297,229 unique visits each month to the exchange. The South Korean government intends to implement the Digital Asset Basic Act as a project to regulate cryptocurrencies.
With 241,675 monthly users, or 5% of FTX's total traffic, Singapore placed in second place. According to the publication, Binance's closure in Singapore in December 2021 led to a conversion to FTX. With 223,513 unique users from that country visiting FTX on a monthly average, Japan has the third-largest user base. A significant Japanese investor in FTX, SoftBank, made a $100 million commitment early this year. Taiwan and India were also among the top ten, and the top 15 Asian countries accounted for more than 25% of FTX users.
Final Thoughts
The crypto market has been in the negative today as FTX contagion fears persist. The price of bitcoin is $15602.4 at the time of writing, down 3.22% from the previous day. Ether's price has also dropped to $1082.6, or 4.25%, in the past day. Numerous additional altcoins are also in the danger zone. As we near the end of 2022, the bear market might have just begun.
