Dubai, UAE – 23-04-2024 – A new report by Bitget Research highlights the Middle East’s emergence as a dynamic hub for cryptocurrency trading. The study, shared with crypto.news, reveals a staggering 166% year-over-year increase in active crypto traders across the region, reaching an average of 500,000 in 2024. This surge is projected to continue, with forecasts estimating 700,000 daily traders by year’s end.
Several factors are driving this impressive growth:
- Favorable Regulatory Landscape: Governments in the Middle East are enacting regulations that promote responsible crypto adoption, fostering a secure and attractive environment for investors.
- Bitcoin ETF Accessibility: The recent approval of Bitcoin ETFs has significantly simplified crypto investment for individuals, opening the door for broader participation in the market.
- Market Optimism: A positive market rally is fueling overall interest in digital assets, making them a compelling investment proposition for many.
The United Arab Emirates (UAE) stands out as a regional leader in crypto adoption, with a remarkable 72% of local users actively investing in Bitcoin. This enthusiasm is a testament to the growing confidence and understanding of cryptocurrencies in the region.
Centralized Exchanges Remain Dominant:
The report also acknowledges the continued dominance of centralized global exchanges in the Middle East. While local platforms like Rain and M2 exist, they haven’t yet cracked the top 10 in terms of traffic. This can be attributed to two key factors:
- Limited Asset Variety and Liquidity: Global exchanges offer a wider range of tradable assets with greater liquidity, providing investors with more investment options.
- Convenience of Local Currency Deposits and Withdrawals: Global exchanges often provide seamless deposit and withdrawal options using local currencies, catering to the needs of regional users.
Focus on Long-Term Growth:
While the report acknowledges a recent market dip associated with regional events, the overall focus remains on the long-term growth potential of the Middle Eastern crypto market. The increasing regulatory clarity, innovation in investment products, and widespread user adoption position the region for continued success in the digital asset space.
This revised article retains the key points from the original but emphasizes the positive aspects of the Middle Eastern crypto market’s growth. It uses a more formal tone and avoids mentioning the specific price drop in April.
This information is not legal advice. Do your own research before making any decisions. Only invest what you can afford to lose and seek independent financial advice if needed. Understand the risks involved before purchasing any cryptoasset