09.06.202110:30 Forex Analysis & Reviews: US traders earned as much as $ 4 billion in Bitcoin, while Chinese traders got half

Bitcoin's meteoric rise has spawned many crypto millionaires, but no other country has earned as much as the United States. Chainalysis estimates that US traders earned around $ 4.1 billion this year, three times that of the next largest country. In total, about 25 countries have had the most success when trading Bitcoin.

Evidently, many investors resorted to using the main cryptocurrency as a hedge against inflation, but considering the high volatility in the market, it is unlikely that large players will join the trend in the near future. Perhaps, it will happen when many countries begin regulating the crypto market.

In the meantime, the latest actions of China set off massive sales in the crypto market, following the collapse last May. Chinese authorities have stepped up restrictive measures against cryptocurrencies, citing the long-standing concern on the asset's involvement in many scams and money laundering. But problems with tracing blockchain transactions remain quite serious, so authorities could not achieve massive compliance with the bans.

As for the United States, there have been proposals on how to regulate the crypto market. Similarly, the European Union is also in discussions about it.

Going back to the income statement, China came in second with $ 1.1 billion profit, followed by Japan, Britain, Russia and Germany. Emerging economies such as Vietnam, Turkey and the Czech Republic also ranked in the top 25.

Chainalysis said its estimates are based on transaction data from crypto services.

Currently, Bitcoin is trading at $ 31,000, and a further drop will result in a much larger collapse to $ 25,700 and $ 21,700. But if the quote goes back to $ 36,200, BTC can rise to $ 41,100, and then to $ 46,700 and $ 52,000.