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Japanese cryptocurrency exchange, Bitbank, registration spiked by 40% as investors rushed to make an account on the platform after bitcoin price experienced a meltdown.
Bitcoin came crashing down to this year low of 2020 on March 12 at $3,775. Yuva Hasegawa, Bitbank market analysis revealed in a blog that following the bitcoin blood bath, a significant surge was experienced both in volume and account registration. Even applications for the KYC procedure was more than usual during those days.
Hasegawa highlights and draws comparison to the bitcoin price tumbling in 2018 too. He stated during that "time interest in the crypto market as a whole went down and bit banks daily account registrations took a hit." However, Bitbank's analyst added that a 60% rebound was witnessed rather quickly and he sees that's due to the desire to dig in the dip and buy it is pretty conspicuous.
He states once we track the daily account registrations, the Myers clearly suggest that it is the retail investors which sparked some life into the dying bitcoin market and aided in its recovery. Forbes also reported that this is not just limited to Japan, and thinks it occurred globally, like Kraken, a top-notch exchange experienced significant numbers of registrations after the market meltdown March 12.