Bitget Research provided a report on adopting cryptocurrencies in the Middle East region.
Based on a study obtained by crypto.news, there were approximately 500,000 cryptocurrency traders actively trading in the Middle East in the year 2024. This represents a significant increase of over 166% compared to the previous year. It is projected that this number will continue to grow and reach an estimated 700,000 traders by the end of the year.
The increase in growth can be linked to advantageous local cryptocurrency laws, the acceptance of Bitcoin (BTC) Exchange-Traded Funds (ETFs), and the rising interest in digital currencies during a market surge. The UAE stands out in the region for its adoption of cryptocurrencies, with 72% of local investors investing in Bitcoin.
In the UAE, people have shown the greatest eagerness to put money into Bitcoin (BTC) and Ethereum (ETH). The term “digital gold” is frequently used by individuals in the UAE when referring to Bitcoin.
Bitget Research
In the Middle East, a significant portion of trading activities takes place through international exchanges. Local platforms like Rain and M2 don’t rank among the busiest due to fewer tradable assets and lower liquidity on these exchanges compared to global ones. Furthermore, depositing and withdrawing funds in local currencies is more conveniently done via centralized global exchanges.
In the midst of escalating tensions in the Middle East, the cryptocurrency market experienced a significant downturn around mid-April. Consequently, the prices of all cryptocurrencies took a nose dive between April 13 and 14.
In a quick two-hour span, Bitcoin experienced a decline of approximately 10%, reaching the $60,000 region. Meanwhile, the supremacy of Bitcoin rose significantly, leading to a greater slump for most alternative coins.
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2024-04-22 17:54