Some 3.5 million Japanese were trading cryptocurrencies on 17 domestic exchanges as of the end of March, according to a new report from the country's financial watchdog. The research showed that 84% of the traders were between the ages of 20 and 40, supporting the notion that much of the country's crypto frenzy has been fueled by a jump in trading activity by millennial-aged investors.
The inaugural report from Japan's Financial Services Agency (FSA), translated by Coindesk, revealed that in Japan, trading volume of bitcoin, the world's largest digital coin by market value, skyrocketed 340% in a three-year period, from $22 million in March 2014 to $97 billion in March 2017. Trading on margins, credit and futures of bitcoin as an underlying asset increased from a $2 million to a whopping $543 billion over the same respective periods.
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