In spite of the fact that there have been advancements in the crypto market, there are still a lot of people who are still wary about investing in it. There are a lot of people who find governmental regulations on fiat currency to be a turn-off in crypto investment. Crypto purchases and sales are regulated by governments, which is one of the biggest draws. Because of the regulations, investors often criticize the system more than themselves. On the other hand, they are usually positive.
In addition, these businesses have started accepting various kinds of cryptocurrency. A continuous move toward a decentralized financial system is underway in order to counteract the fiat currency system. As an alternative to investing in a wide range of assets, investors are increasingly investing in crypto. In this piece, we will go into detail about the latest cryptocurrency statistics you need to know when considering making any investments.
Millennials and Cryptocurrency
According to a survey, 67% of Millennials currently believe that Bitcoin is a safe haven asset. Safe haven assets maintain their value even in times of economic downturn. Generations past perceived gold as the biggest safe haven asset, but things have changed in the digital age. According to crypto stats, Millennials believe that Bitcoin is a secure asset to acquire and that the decentralized financial system is sufficiently secure amid economic difficulties. The largest ownership group consists of people aged 25 to 34, followed by 35- to 44-year-olds, thus capturing the millennial population. There will be 33.7 million cryptocurrency owners by the end of 2022.
Banks Now and Into The Future
According to a report by Juniper Research, banks could save as much as $27 billion by 2030 by implementing blockchain. Banks expend a great deal of money on money laundering investigations, transaction processing, reconciliation, compliance, and other tasks. Banks might save as much as $27 billion by 2030 if they used blockchain technology, according to a report by Juniper Research. It would save money by eliminating the need for traditional checks and balances. Banks might save money by eliminating transaction fees for their account holders, which would be a positive development for them.
What Crypto Owners Want
Because exchanges are convenient and easy to use, they are the preferred choice for crypto owners who want to own and trade these digital assets. Individuals choose to keep their cryptocurrency in exchanges because exchanges offer security (28%), are relatively user-friendly (25%), and support fiat-for-crypto or crypto-for-crypto exchanges (23%). 60% of users prefer to keep their crypto in exchanges. Binance is the leading cryptocurrency exchange globally, with a 24-hour volume of $28.85, according to Statista. Venus, HBTC, Upbit, and Hydax Exchange are some of the other popular exchanges.
$93.4 Billion in Daily Trading
According to a report by CryptoCompare, daily crypto trading has reached $93.4 billion. The crypto market remains active, and it keeps growing each day, despite the flurry of updates on social media. Although there is often a flurry of activity on social media, the fact remains that people recognize the value of cryptocurrency and trading it.
The Most Wanted Cryptocurrencies
Even though there are numerous cryptocurrencies rising in popularity, Bitcoin still takes the cake. It has been more than ten years since Bitcoin was initially designed, and it is still the most popular cryptocurrency in the U.S. Bitcoin remains dominant despite the increasing number of competitors.
There are around 25 million Bitcoin users (those who own Bitcoin, whether they trade using the cryptocurrency or not). The percentage of the cryptocurrency market that Bitcoin accounts for is 42.2%. Ethereum, in second place in terms of investment, has 13.1 million US owners in 2021, making up 38.9% of all crypto investors. Despite the fact that Bitcoin has been down -3.98% lately, it’s still a worthwhile currency to look into with positive forecasts in the coming years. The currency increased from $500 in 2016 to $29,000 per coin in 2022, demonstrating how it has the potential to grow exponentially.
The Voyager Digital Bankruptcy
The digital asset market chaos has claimed another victim: New York-based Voyager Digital. In the U.S. Bankruptcy Court for the Southern District of New York, Voyager Digital has filed for bankruptcy protection. According to a court filing, Voyager has between $1 billion and $10 billion worth of assets and liabilities. Voyager has about $1.3 billion in crypto on its platform and about $350 million in cash on behalf of customers that is being held by New York’s Metropolitan Commercial Bank. A number of companies in the digital asset industry, including Voyager, have defaulted on loans, resulting in the demise of crypto hedge fund Three Arrows Capital.