Before the coronavirus outbreak, cryptocurrency trades were mostly based in Asia. Although the US is generally known as the region where institutional investors are the most, the commercial volume of China and the Asian region in general has increased incredibly in recent years.
After the Coronavirus, some investors stated that Asian-based investors decreased, while the opposite group defended the opposite. In the research conducted by Finance Magnates, it is seen that the investors in China decreased especially as they approached March.
Looking at the average monthly transactions of crypto investors in China, it is seen that this peaked in August 2019. In addition, the decrease that started in September continued as a continuous decrease after the slight increase in October.
Although the above data is based on the foreign exchange market, it can be considered to be almost valid for cryptocurrencies. Although Covid-19 closes people home, many prefer to switch to cash instead of trading because of the risk.