Sleeping Japanese cryptocurrencies are starting activity as Bitcoin has breached the critical price resistance level this week. According to Japanese coincheck, this week's trading volume increased two to three times compared to the previous week.
Coincheck founder Yincuke Otsuka explained that existing users who haven't made a purchase for a while are getting active again this week: “Some users already have accounts, so the first speed is fast.”
If users already have accounts, they will not have to waste time verifying your customer to open new accounts, and they can buy cryptocurrencies instantly. On the other hand, those who were new to the trading platform had to wait for approval of their account, so they had a delay before they could start trading. “This time it's different,” Otsuka said.
Direct sales this week were doubling in the previous year, while demand for the exchange service tripled, according to Coincheck. Otsuka also believes this is due to Japanese incentive payments from Coivd-19. In April, the Japanese government began distributing 100,000 yen payments – about $ 930 – to each family.
Additionally, Oki Matsumoto, CEO of Monex Group, the parent company of Coincheck, points out the possibility that those looking to buy gold are now interested in bitcoin. The price of gold has recently risen and surpassed previous highs, while Bitcoin just started to breach resistance earlier this week.
Tables on the agenda
Matsumoto also commented on the recent development of the central bank's digital currencies:
“I think David Marcus made a mistake. He was said to have said it is a Facebook tag.” Because they said it was “the currency of the future,” the US government has strongly criticized it.
“The role of the scale can only be to open the Pandora's box, and that's it,” Matsumoto added. Meanwhile, the United States is lagging behind its competitors precisely because it “has lost weight and can no longer say that they will begin to develop CBDCs,” Matsumoto analyzes.
Some industry insiders are concerned that the United States is reluctant to press ahead with the Convention on Biological Diversity. Nakamura, CEO of the Fisco Japanese Digital Currency Exchange, recently argued that Japan's role should be to encourage the United States to take CBDC more seriously.