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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Study Shows Crypto Trading Is Dominated By US Traffic, See Who Ranks Next

Reynaldo Marquez
Reynaldo Marquez
2 years ago
3 mins read
crypto

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The crypto market has seen minor gains over today’s trading session as major cryptocurrencies are positioned just above critical resistance levels. If the bulls can make a fresh push, Bitcoin and Ethereum might revisit higher levels and open the gate for further gains across the sector.

Related Reading: This Indicator Predicts Potential Decline Ahead For Bitcoin Price

At the time of writing, Bitcoin (BTC) trades at $21,500 with a 1% profit in the past 24 hours and Ethereum (ETH) trades at $1,680 with a 3% profit over the same time period. Both cryptocurrencies record significant losses on higher timeframes but seem poised for a move higher.

Crypto Bitcoin BTC BTCUSDT
BTC’s price with minor gains on the 4-hour chart. Source: BTCUSDT Tradingview

According to a report from Arcane Research, the crypto market performance is heavily influenced by traders in the United States. The research firm explore the traffic of over 30 exchange platforms in the past three months, traders based in this country came out as the “most active participants in the market”.

Thus, the positions taken by these traders are key to measuring the market direction as they represent a majority of 14.33% of the 20 most active countries in the market. In total, these countries comprise over 52% of all the traffic that goes through crypto exchange platforms.

With the exception of the U.S., almost every country in this ranking is outside of the American continent with South Korea and Russia following in the top 2 and 3 positions, respectively. The former records 6.51% of all traffic and the latter around 5%.

A lot of the countries in the list are from economically underdeveloped regions, such as India, Brazil, Argentina, and others. Arcane Research noted that their data could be misrepresented by users with VPN services, still they claimed the following:

The market concentration of the top 20 countries is relatively high, representing 52.4% of all web traffic to crypto exchanges. However, while these chart illuminate geographical trends in the crypto market, VPNs may distort the quality of the data.

US Bitcoin BTC BTCUSDT
Source: Arcane Research

U.S. Traders Pumping The Crypto Market?

On the other hand, research firm Jarvis Labs has been tracking the real impact of U.S. traders in the crypto market. In July, U.S. traders were contributing with the bullish price action across the sector.

At the same time, traders in Europe and Asia were losing interest in the top two cryptocurrencies. As Jarvis Labs said, the direction provided by U.S. traders can be used as alpha, as a way to profit off the market, as “smart money” trades during these hours.

Related Reading: Crypto Market Sentiment Plunges To 1-Month Lows, What Lies Ahead?

In other words, if you are a trader and want to take a position, you could benefit from knowing what U.S. traders are doing. As of late July, as the chart below shows, U.S. traders began selling Bitcoin and have continued to do so across August.

US sessions have shown disinterest with both BTC and ETH since the mouth open, while Asia has shown strength in bidding relatively compared to the US. pic.twitter.com/wbNS0RKYjp

— JarvisLabs (@Jarvis_Labs_LLC) August 23, 2022

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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
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Strict editorial policy that focuses on accuracy, relevance, and impartiality

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We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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