SAN FRANCISCO, CA / ACCESSWIRE / December 3, 2020 / Leading cryptocurrency exchange bitFlyer reports a spike in new registrations and trading volume as Bitcoin's price hits an all-time-high (ATH) and momentum in the market continues to build up.
The global exchange, licensed in Japan, Europe, and the United States, saw a 3x increase in new account registrations last week, suggesting a rising demand for cryptocurrencies.
Additionally, November 2020 saw bitFlyer post its highest volume month of the year, amounting to $77 billion in total trading volume globally, most of which flowed to BTC markets. Also, their BTC/USD market saw its highest volume week in 2020. This spike follows bitFlyer USA's launch of the lowest fee structure in the US market earlier in the month.
At the time of writing, bitFlyer currently sits at the top of the Bitcoin trading volume rankings when combining global spot and derivative volume, according to Coinhills.
Bitcoin Trading Volume Rankings on December 2, 2020. Source: Coinhills.
Commenting on Bitcoin's new ATH, bitFlyer USA COO Joel Edgerton said: "The price rise was affected by several factors. Listed companies such as Square and MicroStrategy are buying Bitcoin to park their cash as a hedge against inflation due to the massive and ongoing global monetary easing as a result of COVID-19. PayPal launched its cryptocurrency services in the US which released significant retail demand. Lastly, there are increasing numbers of institutional clients becoming active in the market."
"During the all-time high at the end of 2017, the price of Bitcoin reached over $19,700 led by retail investors in Asia, particularly in Japan. This time around, it is led by the US with a noticeable contribution from institutional investors. Grayscale, the cryptocurrency trust fund provider, is managing an estimated $10.4 billion as of November of this year. Whereas, in 2017 we saw speculative short-term investments, we're now seeing long-term hedge investments similar to gold."
Launched in San Francisco in 2017, bitFlyer USA is now licensed to operate in 48 states and territories, including New York. bitFlyer, Inc. was established in Tokyo in 2014 and has been Japan's largest exchange by volume for several years, attracting millions of customers from countries around the globe.
About bitFlyer, Inc.
bitFlyer was established in 2014 with the mission of simplifying the world with blockchain. Based in Tokyo, Japan, bitFlyer brings top-class security on a global scale and holds the #1 position as the exchange with the highest trading volume in Japan, with over 2.5 million customers globally. bitFlyer is also the only cryptocurrency exchange licensed to operate in Japan, the US, and the EU. Site: https://bitflyer.com/en-jp/
About bitFlyer USA, Inc.
bitFlyer USA, Inc. is a wholly-owned subsidiary of bitFlyer Holdings., a leading Bitcoin and blockchain company based in Japan. The US office is located in San Francisco and operates an exchange platform for US residents to buy and sell cryptocurrencies. Launched in the U.S. in 2017, bitFlyer USA currently operates in 48 states and territories, including New York as a holder of the New York BitLicense. Site: https://bitflyer.com/en-us/
About bitFlyer EUROPE S.A.
bitFlyer EUROPE S.A. is a wholly-owned subsidiary of bitFlyer Holdings, The European office is located in Luxembourg and operates an exchange platform for European residents to buy and sell cryptocurrencies. Site: https://bitflyer.com/en-eu/