Bittime - The United Arab Emirates (UAE) has become an oasis for crypto enthusiasts in the Middle East. Bitget Research's latest research brings the UAE to the forefront in terms of crypto adoption in the region. This report notes a significant surge in crypto trading activity, with the number of daily users skyrocketing 166% over the past year.
UAE: King of Crypto Adoption in the Middle East
A Bitget Research study underscores the incredible surge in the number of daily crypto traders. The UAE tops as the country with the most crypto ownership in the Middle East region.
It is recorded that an average of 500,000 people will carry out daily crypto trading in the UAE by 2024. The UAE's dominance is further strengthened by the fact that 72% of local crypto users invest in Bitcoin (BTC) , indicating the country's dominance in crypto adoption throughout the Middle East.
According to the report, some of the key driving factors behind this surge in interest include the approval of a spot Bitcoin Exchange Traded Fund (ETF) and the continued rise in the cryptocurrency's total market capitalization.
Crypto-friendly regulatory support in the UAE also plays an important role in driving crypto adoption in the country.
Global Exchanges Are More Popular Than Local Exchanges
Although enthusiasm for crypto continues to grow, demand for local exchanges remains limited. Investors in the Middle East actually show a higher preference for global centralized exchanges.
This is likely driven by the diversity of assets and higher liquidity offered by global platforms compared to local exchanges.
Furthermore, the study shows that digital assets are increasingly viewed as a convenient method of storing wealth. As many as 29% of users expressed this sentiment.
Meanwhile, 34% of users are actively involved in crypto trading, and 22% utilize crypto for everyday payments.
However, amidst the positive momentum of crypto adoption, the Middle East experienced a sharp decline in the cryptocurrency market in mid-April. Increased tensions between Israel and Iran have contributed to this market instability.
Bitcoin BTC/USDT Price Today on Bittime
Source: Bittime.com
On April 23, 2024, the price of Bitcoin BTC/USDT was at $66,219 per coin, up 0.61% in 24 hours.
Also Read How to Buy Crypto:
Conclusion
The UAE has been a pioneer in crypto adoption in the Middle East. The decision to embrace financial innovation has paid off, attracting the interest of global and local investors.
However, it is important to note that the crypto market is still vulnerable to global events. Going forward, regulatory stability and ongoing education will be key to sustainable growth in the Middle East crypto ecosystem.
Check Crypto Prices Today:
How to Buy Bitcoin (BTC) on Bittime
You can buy and sell Bitcoin (BTC) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Bitcoin (BTC) is available on Bittime with the market pair BTC/IDR . To be able to buy BTC/IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Bitcoin (BTC) on Bittime.
Monitor price chart movements of Bitcoin (BTC), Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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