North America Blockchain and Cryptocurrency Market 2022
Cryptocurrency is expanding in use and ownership across Canada. . As the cryptocurrency market is witnessing growth in the US, the Canadian market is no exception to this trend.
New York, Jan. 18, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “North America Blockchain and Cryptocurrency Market 2022” report –
The global average of consumers who owned cryptocurrency was some percentage points higher than Canada as of 2021, yet Canada catches up with nearly one in ten consumers owning cryptocurrency as of 2021, according to the new report. In addition to this, Bitcoin and Ethereum were among the most preferred cryptocurrencies among crypto users as of November 2022. Regarding the main reasons for investing in cryptocurrency, for more than half of the buyers it was to make money even in case of risk they were the most important reasons, with close to half of the respondents stating that they invested to support the decentralized financial system philosophy and to be part of something innovative. Furthermore, the proportion of men indicated to have used crypto as of November 2022 was more than women, as reported by the new publication.
The United States is the front runner in implementing tighter regulations around cryptocurrency amid the cryptocurrency market crash
The use of cryptocurrency around the world is increasing significantly, and the United States is no exception to this trend. Although nearly three-quarters of adults surveyed across the U.S. have never traded, invested, or used cryptocurrency as of July 2022, the estimated number of adults who own and use cryptocurrency was expected to double by 2023, as revealed by the new report. Enthusiasm for owning and investing in cryptocurrency in the US is highest among the 25-34 age group. As the crypto market developed, the United States witnessed tighter government regulations related to cryptocurrencies. For example, the country recently saw the implementation of the Responsible Financial Innovation Act, which explains in detail the rules and regulations for the cryptocurrency market. Furthermore, the US government also implemented the Crypto Regulation Bill as a strict policy measure related to cryptocurrency. However, the decline in the value of the cryptocurrency market worldwide from the spring of 2022 has led to a loss of investor sentiment and negative movements in asset prices across North America as well. Furthermore, the crypto market in the region witnessed a slow growth in investment and funding in H1 2022, with the cryptocurrency market investment scenario projected to face ongoing challenges in H2 2022 due to the crash. Inflation in the US economy as well as the slowdown in economies around the world further triggered the crypto’s fall. In addition, the cryptocurrency market has remained relatively flat with no signs of growth since June 2022. Apart from this, the collapse of FTX and the decision of US-based cryptocurrency firm Celsius to freeze withdrawals further contributed to the downfall of the crypto market.
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