A new Chainalysis report examining 146 countries maps the adoption rate of cryptocurrencies. According to the data, Turkey is the leader among its eastern neighbors.
MENA countries emerge as world’s fastest growing cryptocurrency buyers
Blockchain analytics firm Chainalysis said in a report Wednesday that the Middle East and North Africa (MENA) are the fastest growing cryptocurrency markets in the world. According to the data, the volume of crypto received in the region increased by 48% year-on-year through June. The MENA region is the world’s smallest market for cryptocurrencies. However, data shows crypto growth of $566 billion in this region between July 2021 and June 2022. As a result, countries in the MENA region, partially including Turkey, are rapidly adopting cryptocurrencies.
Turkey is the leader in the MENA region
According to Chainalysis’s “Global Crypto Adoption Index 2022” report, our country had the largest share in the region, accounting for $192 billion of the $566 billion volume in the MENA region. According to his report, the reason behind the increased adoption is fiat currency devaluations:
The fluctuating cryptocurrency prices in Turkey and Egypt coincided with inflation and strengthened the attractiveness of cryptocurrencies for the protection of savings.
According to the report, Turkey’s cryptocurrency trading volume on an annual scale increased by 10.5%. Egypt, another country struggling with inflation, recorded a volume increase of 221.7 percent on the same scale. This shows that Egypt has grown significantly in the use of cryptocurrencies since last year. Chainalysis analysts explain why:
Egypt’s location at the intersection of rising crypto trading volume and rising inflationary pressures helps explain why it is the fastest growing crypto market in the entire MENA this year, with over 200% annual growth in trading volume!
Although Egypt recorded an increase of 221.7 percent year on year, Turkey ranks first in the MENA region with a transaction volume of 192 billion dollars.
Adoption slows worldwide in bear market
Meanwhile, global adoption has been stabilizing since last year after growing steadily since mid-2019. Global adoption of cryptocurrencies hit an all-time high in the second quarter of 2021. Since then, adoption has been moving in waves. This trend was interrupted in Q3 when crypto prices fell. According to the conclusion of the report on this issue:
Still, it’s important to note that global adoption remains well above pre-bull market 2019 levels.
The data reveals that rising prices in 2020 and 2021 attract the attention of investors. After this period, a significant portion of investors preferred to dedicate their assets to cryptocurrencies. The data shows that large and long-term investors continue to hold on to the bear market. That’s why they haven’t chosen to be sold yet, even when they were at a loss. According to the report, on-chain data shows that these investors are optimistic.
Meanwhile, American investment bank BAC has referred to cryptocurrencies as risky in a new report. cryptocoin.com We have given the details in this article.
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