It’s no secret that Bitcoin is one of the most popular cryptocurrencies out there, and it’s also not surprising that many people are interested in investing their money in the cryptocurency. But it wasn’t long ago when people were getting scammed by companies who were claiming to be investing in Bitcoin.
The country is now home to around 100 cryptocurrency exchanges, and many of them are located in the US. In fact, Japan is now seeing its first cryptocurrency exchange opening, in a move that may distract from the country’s negative image. The cryptocurrency market has been fluctuating, dipping $100 billion in January after surging to over $1 trillion in November, and the total market value in early February plummeted from over $115 billion to under $86 billion.
The new year birthed an assortment of new cryptocurrencies, which gave investors another opportunity to make a profit on the cryptocurrency space. However, there is a growing trend that suggests that the prices of cryptocurrencies will fall in the future. In fact, according to the data from coinmarketcap.com, the digital currency market capitalization has increased by more than $800 billion in the past seven months. The majority of the capital is concentrated in the hands of institutional investors, which is one of the factors that is likely to push the prices of digital currencies down in the future.
A recent report from cryptocurrency analytics firm Chainalysis shows that some countries have made great strides in bitcoin investment compared to their traditional economic rankings.
US bitcoin investors lead growth
The report includes data on the expected results for the countries in 2020. This means that countries that can be considered emerging markets are doing much better with bitcoin investments than their more developed counterparts. According to the report, the United States dominates the ranking because investors in that country have made more than $4 billion from bitcoins. That’s three times more than the next country on the list, China, whose investors earned just over $1 billion. In which countries did bitcoin rise the most during the 2020 boom? Read our analysis here. https://t.co/vqeukrHkYI pic.twitter.com/XkAp6J9lTk – Chainalysis (@chainalysis) 7. June 2021 Chainalysis attributed the huge gains by US investors to the large influx of cryptocurrency trading in the country at the end of the year. This probably played a decisive role in the conquests of the country.
Developing countries have also made significant progress
One of the interesting findings of the report is that countries that can be described as emerging or developing economies have seen a significant increase in bitcoin investment. Using Vietnam as an example, Chainalysis said, the Asian country ranks 53rd with a GDP of $262 billion and is classified as a middle-income country by the World Bank. Nevertheless, Vietnam has a high base adoption rate of cryptocurrencies and ranks tenth in the global cryptocurrency adoption index. The report also states that the country has earned $351 million from bitcoins, outperforming other countries like Belgium and even Australia. Other countries that outperformed their GDP rankings were Spain, Turkey and the Czech Republic. Investors in each of these countries have made more than $250 million in profits on their bitcoin investments. However, India is ahead of this trend. With a GDP of over $2 billion, investors in this country got a paltry $241 million return on their investments. The report attributes this reason to the Indian government’s historical hostility towards cryptocurrencies. The report also shows that investors in almost all countries made the biggest gains towards the end of the year. During this period, the value of bitcoin rose from about $11,000 to nearly $30,000 from October to December.
Gaining an advantage in the crypto asset market
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The cryptocurrency ‘Bitcoin’ has been in the news for the past few months, and it certainly hasn’t been for the good things. This cryptocurrency, which was created in 2008 by Satoshi Nakamoto, has become a huge success in short term trading, and investors have made over $4 billion trading it in 2017. But is Bitcoin here to stay?. Read more about pocketed billion in bitcoin profits in and let us know what you think.
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