Tightening U.S. policies have forced cryptocurrencies to relocate to the Asian market.
Market makers and exchanges are moving their resources to the Asia-Pacific region (APAC), where the regulatory environment for the blockchain industry is more comfortable, Bloomberg reported.
Bitcoin trading volumes have surged in Singapore, Japan, South Korea and Hong Kong.
During the Asian trading session, the total amount of transactions in the largest digital currency exceeds the U.S. and European turnover.
According to the CryptoQuant platform, about 50% of all BTC transactions are made in Asia-Pacific markets.
According to Trovio Group strategist Johnny Caldwell, institutional investors enter the cryptosphere primarily through Asian channels.
The expert emphasized:
“Over the past few months, we’ve seen a significant shift toward Asian exchanges and services.”
Bitcoin’s shift to Asian trading venues intensified even before the U.S. Securities and Exchange Commission (SEC) lawsuits against Binance and Coinbase.
Bitcoin and ether are growing on APAC exchanges, while in contrast, they are declining on U.S. platforms.