Reports Provide New Data On Cryptocurrency Adoption And Exchange Activity – Fin Tech

Based on a current report from blockchain analytics agency
Chainalysis, African nations comprise “a number of the most
well-developed cryptocurrency markets of any area.” Amongst
different issues, the report finds that Nigeria and Kenya see robust
cryptocurrency adoption “when weighted for buying energy
and inhabitants, particularly on P2P exchanges”; South Africa
“leads the area in uncooked transaction quantity”; and in
sub-Saharan Africa, retail cryptocurrency transactions make up 95
p.c of all transfers.

In a last notable merchandise, a current report from Forbes stated that
“[a] new Forbes evaluation of 157 crypto exchanges finds that
51% of the every day bitcoin buying and selling quantity being reported is probably going
bogus.” Amongst different issues, the report additionally discovered that USDT
“continues to be a dominant participant within the crypto buying and selling
financial system, particularly in the case of trades in opposition to bitcoin”;
“21 crypto exchanges generate $1 billion or extra in every day
buying and selling exercise, whereas the following 33 exchanges had quantity between
$200 million and $999 million”; offshore exchanges make
vital use of stablecoins to “synthetically” create
U.S. greenback liquidity on their platforms as a result of they don’t have
entry to U.S. financial institution accounts; and “a number of the largest buying and selling
pair exercise happens in opposition to fiat currencies just like the Japanese yen
and Korean received and in opposition to main stablecoins like Binance U.S.
greenback and the USD coin.”

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