How relevant are cryptocurrency exchanges these days?


Bitcoin’s name was flying high on top of every news article and was printed on every newspaper’s front page, especially for its ecstatic value during the fall of 2017. People from all over the world felt enthusiastic about getting into the world of cryptocurrency before it was too late as the demand for Bitcoin was also sky high.

Owning a cryptocurrency was regarded as valuable as owing a vehicle, regardless of how expensive Bitcoin and other alternative digital currencies might have been. All of that popularity was mainly attributed to its extremely high price value at that time and then it crashed, losing almost entirety of its value due to continuous sell offs.

Eventually, the cryptocurrency bubble had collapsed in February of 2018 and the unparalleled demand for owning a Bitcoin had become a thing of the past. The Bitcoin’s colossal rise and fall of its value in US dollars from $19,000 down to $8,000 in just few months apart and eventually down to below $4,000 made it an outlier in the business community as large banks started to implement restrictions on purchasing Bitcoins via credit cards (CNBC).

The prices were so unpredictable during this time that even media outlets started to recognize and began to uncover Bitcoin’s lack of stability in everyday news which also had direct impact on driving people away from pursuing cryptocurrencies from popular crypto wallets as demonstrated in the highlighted area of the below graph.

“The digital asset has endured a series of steep drops, drastic for even the notoriously volatile crypto trade.” (NBCNews).

There hasn’t been much movement in Bitcoin’s price until the COVID-19 pandemic struck the world. Recently, there’s been a dramatic increase in the price of Bitcoin and people around the world are slowing returning to owning cryptocurrencies with the help of the crypto wallets.

Fast forwarding to July 2020, Bitcoin is still here and in fact, thriving as it just broke $12,000 mark (Coindesk). Thus, making cryptocurrency exchanges relevant again. Some of the crypto wallets are now seeing the light of the day again in few countries around the world.

Binance, a popular Chinese crypto wallet has been seeing an increase in its monthly active user base since April in the USA.

Similarly, India has gone through periods of owing cryptocurrency legal and going as far as even showing interest in shifting to cryptocurrency to replace fiat money (Investopedia); to illegal by actively banning it (Economictimes).

There’s already been a wave of Indian crypto wallet apps that used to dominate India’s digital wallet app scape. However, regardless of the present bitcoin’s status in India, Trust Crypto Wallet is now inching ever so slightly towards becoming one of the top crypto wallet apps, as it has seen a sharp increase in its MAU since April this year.

Japan on the other hand, tightly regulates cryptocurrency exchanges, but trading is unregulated (Financemagnates). For reasons unknown, there’s been a surge in the usage of Bitcoin exchanges (AsiaTimes). And, locally developed apps such as Rakuten Wallet is enjoying some decent share in this domain. It provides inherent Japanese language support, security and a safe haven for those who are willing to invest in the cryptocurrency. Rakuten Wallet has also undergone through a steady pace of increase in the MAU as shown in the below graph.

All these apps are currently trending in the Top 10 positions of Finance category in the month of July. There could be more cryptocurrency exchanges popping up in this list soon in the above mentioned countries as long as the price of Bitcoin continues to increase at this current pace.

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