South Korea and Singapore Hardest Hit by FTX Collapse: Report

South Korea and Singapore Hardest Hit by FTX Collapse: Report

On November 20, crypto market data portal CoinGecko released a report on the countries most affected by the collapse of the FTX.

Unsurprisingly, most of them are in Asia, since US investors used FTX.US, not the international stock market that crashed.

The report is somewhat misleading, however, as it ranked the top 30 countries by monthly users, not the amount customers lost in each country.

Asians hardest hit by FTX

However, the two may be correlated as it makes sense that the largest user bases would be most affected.

CoinGecko noted that South Korea ranked highest for monthly users, with the largest traffic share at 6.1%, representing 297,229 unique monthly users visiting on average. The South Korean government has now accelerated its regulatory framework, the Digital Asset Basic Act, which is expected to be finalized in 2023.

Second on that list was Singapore, with 241,675 monthly users representing 5% of total traffic to FTX. The report noted that the December 2021 closure of Binance in Singapore resulted in a shift to FTX.

The third largest user base was also an Asian country, with Japan accounting for 223,513 unique users visiting on average monthly. Japanese investment giant SoftBank invested $100 million in FTX earlier this year, it reported. Taiwan and India also ranked in the top ten, and Asian countries in the top 15 accounted for more than 25% of FTX users.

The report also noted that Asian stock markets had benefited from the collapse by increasing their market share. Binance had gained 7% market share and OKX increased its own market share by 1.1% to 13% overall.

The details of FTX’s bankruptcy filings were revealed over the weekend, further bleeding markets on Monday.

Tanking crypto markets

Crypto markets waver again during the Asian trading session on Monday morning. Total capitalization is down 3.8% today to $838 billion on CoinGecko at the time of writing. Markets are dangerously close to their cycle bottom from November 10.

Bitcoin is down 2.9% to $16,000 at the time of writing, while Ethereum is down 6.9% to $1,137. This has happened as a result of the FTX hacker account converting his looted ETH into BTC.

A sea of ​​red is currently enveloping crypto markets, with many altcoins tanking to new lows ahead of this bear cycle.

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