The cryptocurrency market in the Middle East is experiencing a significant increase, with approximately 500,000 daily traders, based on Bitget’s latest findings. Notably, the UAE’s lenient regulations towards crypto have been a major draw for traders in the region. Additionally, according to research, users active on the blockchain are gravitating towards platforms that support gaming, virtual worlds, and decentralized projects.
Why is #crypto gaining popularity in the UAE?
Find out more details in #Bitget’s latest report👇
— Bitget (@bitgetglobal) April 23, 2024
In the Middle East, individual investors are increasingly drawn to memecoins while institutions prefer to stick with Bitcoin. This trend stands out against the backdrop of a global adoption ranking that places the region between 20th and 78th place. However, the region’s lenient regulations make it an attractive destination for miners, who have been seeking alternatives since China tightened its crypto policies.
In simpler terms, the Middle East contributes only 7.2% of the world’s total crypto trading volume. However, its lenient regulations and rapid advancements make it an important player in the crypto market. According to Chainalysis, six Middle Eastern countries – Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the UAE – are among the top 100 global adopters of cryptocurrencies.
Significantly, miners based in North America are now considering the Middle East as an attractive option for cryptocurrency mining, thanks to lenient regulations and abundant energy supplies. This trend is being fueled by China’s clampdown on mining activities. Essentially, the Middle East is gaining prominence in the crypto sector due to these factors.
In simple terms, the crypto market in the Middle East is expanding due to favorable regulations, various consumer demands, and international miner exploration for fresh prospects.
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2024-04-23 08:36