TronWeekly

Crypto World News

You are here: Home / Archives for Crypto Adoption

Crypto Adoption

Bitcoin Bull Run Continues: Soars to New Heights Not Seen Since August 2022

by

The crypto market has been sent skyrocketing once again as Bitcoin (BTC) reaches new heights not seen since August 2022. According to leading crypto analyst site Santiment, the world’s most popular digital currency has now soared past the $22,700 mark, marking the first time it has reached this level since August 18, 2022.

According to CoinMarketcap’s latest data, Bitcoin is currently trading at $22,976.12, indicating a strong bullish sentiment and a potential break past the $23,000 level. The daily and weekly charts are also showing impressive gains of 9.00% and 10.13%, respectively. Furthermore, trading volume for BTC has seen a significant increase of 75% in the past 24 hours, further demonstrating the market’s upward momentum.

BTCUSDT 2023 01 21 05 45 49
Source: Tradingview

But what is driving this impressive surge in Bitcoin’s price? Experts point to the actions of a powerful group of investors known as “whales,” who have been collectively accumulating a massive 64,638 BTC (worth over $1.46 billion) in the past 15 days. This influx of investment from the whale tier group of addresses holding 1,000 to 10,000 BTC has sent ripples through the crypto market, propelling Bitcoin to new heights.

This latest rally in the crypto market is sure to be welcomed by investors and traders, who have been eagerly watching Bitcoin’s progress in recent months. It remains to be seen just how high the digital currency can go, but one thing is for certain: the crypto market is showing no signs of slowing down.

As the world’s leading digital currency continues to make waves in the financial world, many experts are predicting that this is just the beginning of an even more significant rally. With Bitcoin reaching new highs and showing no signs of slowing down, it’s clear that the crypto market is a force to be reckoned with.

4.283M Bitcoin (BTC) Returns to Unrealized Profit

In a recent development, data analytics firm Glassnode has reported that a significant volume of Bitcoin has returned to an Unrealized Profit position since the market lows set during the FTX collapse.

According to Glassnode, a total of 4.283 million BTC, valued between $15.5k and $22.3k, have transacted and changed hands during this period. This provides a clear indication of the level of activity and movement in the market.

This news is particularly noteworthy as it suggests that the crypto market may be recovering from the recent turbulence caused by the FTX collapse. The return of such a large volume of Bitcoin to an Unrealized Profit position indicates that investors are once again becoming optimistic about the future of the market.

It’s worth noting that this is a positive sign for the crypto market, and it could be a sign of a bullish trend in the near future. However, it’s also important to keep in mind that the market is always subject to fluctuations, and investors should exercise caution and do their own research before making any decisions.

Related Reading | Aptos (APT) Rose 57% in 24 Hours As Binance Announces New liquidity Pools 

72% Developer Working Outside of Bitcoin & Ethereum: Crypto Landscape Diversifies 

by

Electric Capital, a venture capital firm, has published in its 2022 developer research report that the number of monthly active developers in the cryptocurrency field has seen significant growth, notably outside Bitcoin and Ethereum.

According to the report, there are now 23,343 monthly active developers working in the crypto space, with a particular surge in activity among Bitcoin and Ethereum developers. 

image 64
Source:Electric Capital

Specifically, the report found that the number of monthly active developers working on Bitcoin has tripled to 946, while the number working on Ethereum has increased by a staggering five times to 5,819.

Major ecosystems outside of Bitcoin and Ethereum are emerging, with 72% of monthly active developers working outside of these two ecosystems, with Solana, Near, and Polygon totaling more than 500 monthly active developers.

While Bitcoin and Ethereum have long been dominant players in the field, the report reveals that ecosystems outside of these two giants are now thriving. In fact, 72% of monthly active developers are currently working on projects outside of Bitcoin and Ethereum. 

image 69
Source: Electric CapitalSource: Electric Capital

Bitcoin & Ethereum Account For 28%, While Others Are Emerging

The report highlights three emerging projects in particular, Solana, Near, and Polygon, which together have attracted over 500 monthly active developers. This suggests that the crypto space is becoming increasingly competitive, with new players rising to challenge established leaders.

Additionally, a number of up-and-coming projects have seen significant growth in recent months. These projects include Sui, Aptos, Starknet, Mina, Osmosis, Hedera, Optimism, and Arbitrum, which have all grown by 50% or more year-over-year and have attracted 100 or more total monthly active developers.

The report also indicates that the DeFi space is particularly hot right now, with 3,901 developers working on DeFi projects across multiple chains every month, representing a growth of 240% since the DeFi summer. 

Furthermore, 50% of DeFi developers are working outside of the Ethereum ecosystem. Additionally, NFTs are also becoming increasingly popular, with more than 900 developers writing code monthly across chains, a growth of 299% since 2021. 

According to the report, a record 61,127 new developers wrote open-source code in the crypto field last year, the highest number ever recorded in history. This surge in new developer activity was even more remarkable given that it occurred during a market upswing, with many new developers drawn to the space by the potential for financial gain.

image 66
Source: Electric Capital

The report also found that this increase in new developer activity is significant when compared to previous years. In 2017 and 2018, the number of new developers contributing open-source code was 44,263. Furthermore, 52% of monthly active developers started contributing in 2022.

image 67
Source: Electric Capital

Moreover, the report states that the number of monthly active developers reached an all-time high in June 2022, the highest number of monthly active developers since 2009.

However, since that all-time high, the number of monthly active developers fell by -11%. Nevertheless, still, the report suggests that the crypto field is becoming increasingly attractive to new talent and that this trend is expected to continue in the future.

image 68
Source: Electric Capital

Related Reading | Shiba Inu Fiat Transactions Now Gain Support From S.Korea’s Largest Exchange

Option Market On The Rise: 46% Bitcoin & 35% Ethereum Call Options Traded in 24 Hours

by

Yesterday, WU Blockchain reported an improvement in short-term sentiment. A significant number of call options with strike prices of $18,000 and $19,000 for Bitcoin were purchased by block traders, with a minimum of 2,400 calls having a January 27 expiration date.

However, the options market has recently seen a resurgence in large-scale transactions. Data from Greeks.live revealed that in the last 24 hours, 7,400 BTC call options were traded, making up 46% of the daily turnover, while 52,000 ETH call options were traded, accounting for 35% of the total.

Greeks.live, the Professional Option Traders’ Arsenal, suggested that the recent observation of a large volume, which has not been seen in a long time, may indicate a positive change in the market.

Data from the last 24 hours has revealed that ETH put-sell transactions account for approximately 20.87%, and the corresponding BTC figure stands at 8.83%.

image 48
Source: Greeks.live

Additionally, Put buy orders for ETH are estimated to be around 15.35%, and the corresponding BTC figure is 7%. Moreover, ETH call sells and call buys are both about 11% and 15%, while the respective BTC percentages are 9.19% and 14.42%.

image 47
Greeks.live

Bitcoin & Ethereum Price Review

According to Coinmarketcap, both leading coins, Bitcoin and Ethereum, are currently experiencing bullish trends. As of now, Bitcoin is trading at $17,459.69, with a 1.19% gain in the past 24 hours and a 3.50% gain in the past seven days. Similarly, Ethereum is trading at $1,334.83, with an increase of 0.55% in the past day and 6.75% in the past week.

As reported by TronWeekly yesterday, although the total value of USD transactions processed by the Bitcoin network has seen a sharp decline from its peak of $40 billion in Q3 2022 to $5.8 billion currently, the cryptocurrency has demonstrated a recovery of 5% within a week of entering the new year.

After three weeks of sharp decrease, Bitcoin’s value rebounded above $17,000 on January 8th and reached its highest daily point on January 10th at $17,389.96. 

BTC 7D graph coinmarketcap 3
Source: Coinmarketcap

Over the course of 21 days, the currency remained within a limited range, with the highest point being only $16,900 above the lowest point of $16,400. Similarly, Ethereum broke through a key level after a period of more than three weeks and reached a trade value of $1,342.14 on January 9th.

ETH 7D graph coinmarketcap 3
Source: Coinmarletcap

Bitcoin ATM Growth Stagnates, Net Addition Shows Just 94 In Second Half 2022

by

The number of Bitcoin ATMs installed globally, tracked by CoinATMRadar, has been in stark decline since July 2022 – just 94 machines were added over the last six months compared to a total of 4,169 during the first half of 2022. 

The installation rate had plummeted significantly when it was once averaging thousands of new ATMs every month. The number of Bitcoin ATM machines has decreased as a result of recent declines in the cryptocurrency market. 

image 35
Source: CoinATMRadar

The Crypto Winter of 2022 had a significant impact on the cryptocurrency industry, resulting in a decline. Bitcoin’s value fell by 64%, and companies such as crypto exchanges Celsius Network, FTX, and Bitcoin Miners companies struggled to stay afloat.

The downturn was also reflected in the number of cryptocurrency ATMs in the United States. According to CoinATMRadar, ATMs peaked at over 34,000 in August but decreased slightly. 

In September, the industry experienced a historic first, with more ATMs being removed from service than being installed, although there was a slight recovery in October.

Bitcoin ATM Network’s Current Statistics

Currently, there are 36445 crypto ATMs in operation, 94% of which are situated in North America. The United States accounts for around 86% of the market share for crypto ATMs, with 33555 ATMs, Canada for 6.6% with 2561, and Europe for 3.9% with 1507.

Furthermore, statistics on the decline in crypto ATM installations for the month of September reveal that 447 machines were taken out of the worldwide network, with the majority of those machines coming from solely the United States.

Despite this loss, there have been more additional installations put in place. In December 2022, the data shows that there was an increase of 114 ATM installations. However, in January of the following year, there was again a decrease of about 93 ATMs.

According to the speed chart from CoinATMRadar, 4.7 new crypto ATMs are installed on average each day. Additionally, Bitaccess dominates the market for the production of cryptocurrency ATMs since it has a 30% share of this industry, based on recent figures from the worldwide crypto-ATM market.

Related Reading | Hong Kong To Regulate Crypto Industry And Issue Tokenized Green Bonds

The Future Of Crypto ATM: Global Industry Size To Surpass $5 Billion By 2030

by

Grand View Research, a market research & consulting company, released a new report on December 7th, which found that the size of the crypto ATM industry would reach $5,450.9 million worldwide by 2030, growing at a CAGR of 61.7% between 2022 and 2030.

According to the press release, the rise in the use of cryptocurrencies as payment methods at various retail establishments is responsible for the expansion of the crypto ATM industry. In addition, one of the key elements supporting the market’s growth is the ability of consumers to exchange crypto for fiat money via crypto ATM services.

Additionally, a CAGR of 24.4% is anticipated for the worldwide crypto wallet industry, which is estimated to grow to a value of $48.27 billion by 2030, according to the report. 

The factors projected to drive the expansion of crypto wallets during the forecast period are the rising need for greater security in crypto transactions, increased usage of smartphones, and internet penetration.

The size of the worldwide cryptocurrency market, on the other hand, is anticipated to grow at a CAGR of 12.2% from 2022 to 2030, reaching $11.71 billion. The demand for enhanced data security, operational transparency, and the use of blockchain technology in digital payment systems are expected to drive market expansion.

The market for crypto exchange platforms is anticipated to reach $264.32 billion by 2030, expanding at a CAGR of 27.8% between 2022 and 2030.

Analysis Of “Crypto ATM Market Growth”

Crypto ATMs are expected to rise significantly over the next five years due to increased usage among retailers like Walmart and Circle K. A study conducted by Bitstamp also revealed that nearly “75% of retail and 88% of institutional investors” expect crypto to be accepted as a standard form of payment across the world within the next decade.

Furthermore, there have been more Bitcoin ATM installations worldwide as bitcoin payment acceptance has grown. Nearly 23 bitcoin ATMs are being deployed each day worldwide, as per statistics from Coin ATM Radar, a supplier of information on Bitcoin ATMs.

According to the statement:

The outbreak of the COVID-19 pandemic is expected to impact the growth of the market positively. Users across the globe are demanding more advanced software in crypto ATMs so that the process of storing, buying, and selling cryptocurrencies can be made easy. 

Furthermore, the development of cutting-edge software is another area where crypto ATM service providers are concentrating on making transactions easier by using these machines.

Related Reading | Wemade’s WEMIX Token To Be Delisted After Court Rejects Injunction

Italy Plans To Tax Crypto Trading In 2023: Concerns About Industry’s Future Mount

by

In light of increasing concerns about the crypto industry, Italy is planning to extend taxation on cryptocurrency trading as well as tighten regulations governing digital assets starting in 2023, as reported by Bloomberg on November 30th.

Regulators worldwide have increased their scrutiny of the developing asset class due to the flood of bankruptcies and spectacular failures, such as the recent fall of the FTX exchange.

However, for digital assets with profits greater than 2,000 euros, Italy’s proposed budget for 2023 includes a 26% capital gains tax. As of right now, its tax authorities have classified digital coins and tokens as foreign currency, which means lesser taxes.

Portugal, one of the most crypto-friendly nations in Europe, declared in October that it would apply a 28% short-term gain tax on digital assets. Since then, Italy has taken this harsher approach.

Additionally, the government of Prime Minister Giorgia Meloni offers taxpayers the choice to report the value of their assets as of January 1, 2023, in exchange for paying a 14% tax under the proposed legislation. 

According to Bloomberg’s report:

The aim is to encourage Italians to declare their holdings of digital assets in their tax returns. The proposed law, which may be amended in parliament, also includes disclosure obligations and extends stamp duty to cryptocurrencies.

Italy’s Crypto Adoption Rate

An Australian fintech and analytics firm, Finder, surveyed over 42,000 people from 27 different nations to ascertain the extent of cryptocurrency adoption globally.

The findings place large markets like the US and UK at the bottom of the list, with nations like Vietnam, India, and Indonesia leading the activity list, with just under a third or more of their population reporting they had invested in digital currencies.

Whereas, In Italy, which ranks tenth and reported a 20% ownership rate, digital currencies are partially regulated by the EU, which is still crafting legislation for the entire bloc.

italy
Source: Finder

According to the gender difference in cryptocurrency, there are 23% men and 18% women, and the average age at which people start using cryptocurrency is 20%, between 35 and 44.

Moreover, the statistics from another research by Triple A found that 1.3 million people, or 2.3% of the population, possess crypto assets in Italy, which is much less than the populations of the UK (5%), and France (3.3%).

Related Reading | Binance Opens Up Doors To The Japanese Market With Acquisition Of SEBC

Crypto Winter Can’t Keep Institutions From Boosting Their Crypto Allocations

by

The well-known crypto trading platform Coinbase surveyed institutional investors, and the results show that despite the industry’s continuous “Crypto Winter,” these investors have boosted their allocations to cryptocurrencies.

According to the report, 62% of current cryptocurrency investors have increased their allocation over the past 12 months, while only 12% have decreased their holdings. 

Capture
Source: Coinbase

Additionally, over the following three years, 58% of investors anticipate increasing their allocations. Whereas 59% of investors either utilize buy-and-hold strategies now or plan to do so in the future.

2
Source: Coinbase

The overall perception of digital assets has remained favorable, with 72% of respondents agreeing that “digital assets are here to stay.” When considering both those who already invest in them and those planning to do so, there is an overwhelming acceptance for crypto – at 86% and 64%, respectively.

Despite continued bullish optimism, the crypto winter has dimmed prospects for near-term price growth. As per investors’ expectations for price movements, 54% believe prices will stay range-bound during the upcoming year, while 29% believe prices will decline.

Capture
Source: Coinbase

The survey’s findings also show that investors are sowing seeds for the future. They were questioned about particular actions they have taken or intend to take while investing in cryptocurrencies. The top replies were to get research and insights (44%) and market data (36%).

Capture 2
Source: Coinbase

Attitudes Towards Crypto Assets 

Additionally, the survey further reveals the reasons for investing and attitudes regarding the asset class:

Investors pointed to the goal to improve funded status,access yield opportunities, invest in innovative technology, and potential for long-term appreciation as main reasons for investing in the asset class.

Some investors believe that digital currency is either a commodity or an asset, but more investors are creating categories for it themselves. “This is also evidence of a long-term opportunity that may emerge in the future.”

Of all the asset classes surveyed, 56% of investors chose US corporate bonds for the most beneficial returns over the next 3-year period. Digital assets came in second place at 35%, followed by the property at 35%.

Capture 3
Source: Coinbase

When looking at the cryptocurrency market from an investor perspective, it becomes clear that regulation is needed. A 47% of investors see past crashes such as Terra Luna and 3AC going bankrupt as a call to action for policymakers to make things fairer for everyone and put in place regulations that can help limit potential future losses. 

However, more than a third (36%) find these events proof enough that firms need better risk management strategies – particularly when navigating volatile markets.

Related Reading | $575 Million Crypto Fraud & Money Laundering Scheme Busted in Tallinn

Crypto Regulations in Kenya: 4 Million Kenyans Will Be Affected If Proposed Bill Accepted

by

Business Daily Africa reported on November 21 that if the Kenyan parliament accepts the proposed changes to crypto regulation and taxation, the Kenya Revenue Authority (KRA) will go after 4 million Kenyans with cryptocurrency holdings.

The Capital Markets (Amendment) Bill 2022 seeks to introduce an excise duty structure like the one applied to bank transactions. It will apply a 20% excise duty deduction on all commissions and transaction-related fees.

According to TripleA research report, Kenya ranks number one in the world for peer-to-peer cryptocurrency trading volumes while coming in at number five when it comes to total cryptocurrency activity. 

With an estimated 4.5 million Kenyans owning cryptocurrency, 8.5% of the country’s population has embraced this phenomenon – making Kenya rank number one globally regarding percentage ownership rates.

The country is in the top ten global and African countries for both bitcoin ownership and blockchain-related transactions. Kenya is rated fifth internationally for overall digital currency activity and first globally for P2P crypto trading volume, which enables merchants to conduct business directly with one another without the need for a centrally located third party.

However, Kenyan investors purchase digital currency to save their money from being devalued due to the region’s inflation, so they can easily send money internationally without going through rigorous bank processes. They also use it for personal financial transactions, such as using it when abroad or buying goods from outside.

As per Business Daily Africa’s report, Governor of the Central Bank of Kenya Patrick Njoroge believes that while digital currency can be hazardous to financial stability, it can also serve as an asset for integration into the current banking systems.

Kenya’s Crypto Bill “The Capital Markets”

According to the report, if Kenyans sell or use digital currencies, the higher market value will be subject to the KRA capital gains tax. Those who make cryptocurrency trading their company may have to pay income taxes on their profits.

The bill, sponsored by Mosop MP Abraham Kirwa, said:

Where the digital currency is held for a period not exceeding twelve months, the laws relating to income tax shall apply or for a period exceeding twelve months, the laws relating to capital gains tax shall apply.

For the first time ever, cryptocurrency transactions in Kenya will be regulated and brought into the public eye. Even in industrialized nations, where exchanges are more closely monitored, cryptocurrencies are still largely unregulated and uncontrolled. 

Estimating how much money Kenyans hold (or are owed) through digital assets is difficult due to the lack of reliable data – but it’s believed to be an astronomical amount, considering that most citizens have a high literacy level when it comes to technology.

For the first time, if the bill will be approved, cryptocurrency will be regulated by law. For businesses and people in Kenya, the increasing mainstreaming of cryptocurrency might spell significant changes.

Those who hold crypto assets need to report the information about it to the Capital Markets Authority (CMA) for tax purposes. They are required to provide details about when they acquired it and when they sold it.

According to the bill:

A person who possesses or deals in digital currency shall provide the Authority with the following information for tax purposes—the amount of proceeds from the transaction, any costs related to the transaction and the amount of any gain or loss on the transaction.

Related Reading | The True Potential Of Dogecoin: Insights From A Former Ethereum Researcher

The True Potential Of Dogecoin: Insights From A Former Ethereum Researcher

by

Alex Valaitis, the founder of W3T and former Ethereum researcher, posted research through his Twitter thread about Dogecoin basics and its implications for scalability as well as use cases.

In the tweet’s comments section, Alex stated that he selected three major areas of the DOGE coin to concentrate his investigation, including technology and protocol, instances of using Dogecoin, and “The Dogecoin community.”

He started by speaking about its’s fundamentals, specifically how it is a “standalone layer-1 blockchain” that employs Proof of Work as its consensus process. He went on to say it was based on other blockchains in existence, such as LuckyCoin and Litecoin, but unlike those two, he told DOGE had some additional features.

According to the statement:

While Dogecoin is a PoW blockchain like Bitcoin, its use of Scrypt technology means that SHA-256 bitcoin mining equipment cannot be used to mine DOGE. Instead, miners must purchase less powerful FPGA & ASIC devices for mining.

Dogecoin Mining More Approachable Than BTC

Theoretically, this should make DOGE mining more approachable than Bitcoin mining for the average individual. There are currently 5,896 nodes in total, which are evenly scattered over the world. 

FiCpHysX0AEGd8Q
Source: Alex Valaitis Twitter Thread

It’s also important to think about scalability and processing speeds when considering DOGE’s consensus method. Their average transaction time is only one-tenth of the duration it takes for BTC transactions; additionally, it can process up to 33 transactions per second at full capacity – which is 10x faster than BTC without a lightning network enabled.

Source: Alex Valaitis Twitter Thread

Moreover, Alex said:

One question that came up in my research, was whether or not Dogecoin supports smart contracts, like Ethereum does. Dogecoin developer @inevitable360 pointed out that while Dogecoin does not have smart contracts, it does support “Script Opcodes

One concerning thing found from the research was the high concentration of Dogecoin in just a few wallets. In comparison, there are very few addresses for Bitcoin that account for 5%

FiCpXkyWYAEBFY8
Source: Alex Valaitis Twitter Thread

Alex also highlighted that the block reward had been set at 10,000 $DOGE per block, and one is mined every minute. It creates an additional 5 billion new coins annually, giving the current inflation rate of 3.87%. In addition, he stated that there are 132.6 billion coins in circulation right now.

FiCpa3lXwAgB7lU
Source: Alex Valaitis Twitter Thread

Dogecoin Use Cases & Community

After examining the various options for custody wallets on Dogecoin’s website, Alex said he “ultimately went with TrustWallet.” Sodogetip was also an option worth considering because it allows users to link their Reddit and Twitter accounts in order to get tips directly. 

FiCqNeOXgAIeg0h
Source: Alex Valaitis Twitter Thread

He believes that the most viable uses of Dogecoin appear to be as a payment method that could supplement already-existing institutions- including large retailers/social media sites- or as a complimentary form of currency.

Furthermore, the long-term viability of a layer-1 blockchain depends on the existence of a sizable and fervent core community. The active community is shown in the DOGE instance; some have even given it the moniker “the people’s currency.”

As demonstrated by the enormous online communities it has on popular websites, such as the 3.5 million followers it has on Twitter, the 2.4 million “Subscribers” it has on Reddit, and the 31,285 members it has on Discord.

According to the statement:

In conclusion, I believe Dogecoin is one of the most misunderstood blockchains in crypto. It would have been easy for me to dismiss Dogecoin and chosen to never research it, however, I’m glad I took the time to dive deep.

Related Reading | Weekly Market Update: LEO & OKB Marks Significant Gains While Others Are Struggling

BIS Report: Why Bitcoin Adoption Is Growing Among Retail Investors

by

On November 14th, the Bank for International Settlements (BIS) published a research report that outlined the factors that lead retail investors to participate in the cryptocurrency market. 

They provide support for the notion that the majority of investors perceive cryptocurrencies as speculative investments as opposed to methods of settlement for legitimate business dealings.

Their key findings indicate that more entrance by retail investors has been associated with price rises for Bitcoin globally. Notably, data from 2015 to 22 shows that users are more likely to use cryptocurrency trading applications actively in the months after a spike in the price of Bitcoin.

It was also highlighted that this positive association holds up well when other possible causes are taken into accounts, such as the general state of the financial markets, uncertainty, or national characteristics.

Moreover, for the protection of investors and consumers as well as for financial stability, this finding is also pertinent for policy discussions on the regulation of cryptocurrencies. Simple calculations show that it is highly likely that between 73 and 81% percent of individuals lost money in investments involving cryptocurrency.

Screenshot 2022 11 15 185755
Source: BIS Working Papers

However, the findings point out a major concern among retail investors that they may not be aware of the risks involved with investing in cryptocurrency. Events from recent times, such as an increase in interest rates and other financial burdens, can cause this newfound asset class to suffer a significant blowback.

Crypto App Adoption When Bitcoin Was On Spike

The report says:

We find that 73% of the users downloaded their app when the price of Bitcoin was above $20,000 – above the price of Bitcoin in October 2022.

Screenshot 2022 11 15 185308
Source: BIS Working Papers

The second finding in the research is that, when the demographics of crypto app users are examined, it is discovered that 40% of users are males under 35, a group that is typically considered to be the most “risk-seeking” in society. 

Screenshot 2022 11 15 185159
Source: BIS Working Papers

Compared to female users and older males, these users are more sensitive to changes in the price of Bitcoin. Additionally, they discover a user sensitivity for Android users, who typically earn less than iOS users.

The highest rates of crypto exchange app adoption across the research period were seen in Turkey, Singapore, the United States, and the United Kingdom, as assessed by the total number of downloads per 100,000 individuals. China and India have the lowest rates of retail use, where legislative constraints probably limit broader implementation.

Screenshot 2022 11 15 185008
Source: BIS Working Papers

Related Reading | FTX’s Collapse Prompts Urgent Regulation From French Central Bank