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- 1 The adoption rate of crypto surged over 18% in the first quarter of 2023.
- 2 Over 33% of the total population of Australia holds cryptocurrencies.
Cryptocurrency adoption at the global level is constantly increasing. Still, the entire market has been battling volatility in the last few weeks since the United States Securities and Exchange Commission filed a lawsuit against Coinbase and other exchanges over selling unregistered securities.
Soon after the lawsuit, the SEC labeled over 50 tokens as securities, including Solana, Cardano, and others. The prices of Bitcoin and Ethereum fell 5-8% after the SEC’s lawsuits.
In the last few years, there has been a significant spike in crypto adoption in Australia. As of now, over 33% of the total population of Australia holds cryptocurrencies. Bitcoin is the most adopted digital asset globally and is among the most traded cryptocurrencies in the industry.
The adoption rate of crypto surged over 18% in the first quarter of 2023. As of now, there are a total of 240 crypto ATMs installed in the region, facilitating deposits, withdrawals, and other crypto-related services.
Google searches regarding crypto assets and their usage surged over 196%, and the country is constantly working on smoothening rules and regulations for crypto adoption and its laws.
According to CoinMarketCap, at press time, BTC was trading at $30,404.27 with a trading volume of $15 Billion. In the past 24 hours, the trading volume of BTC surged over 11%. On June 26, overall crypto market capitalization declined by 0.66% to $1.18 Trillion.
Bitcoin price surged last week and hit the $30,000 mark amid news of Blackrock’s Bitcoin ETF application. Many analysts consider this a good omen for the most significant cryptocurrency and a push for the price to enter the bull phase on the back of consistent filings.
Cryptocurrencies and Their Relevance
The current definition of a cryptocurrency is a “digital representation of value” accepted as payment by either natural or legal persons and not issued by a central bank or another governmental body.
Whether countries accept cryptocurrencies as legal currencies or not, some cryptos have been accepted globally as a reliable medium of exchange (digital money), while some cryptos are being actively used as bridge currencies between fiat currencies.
A wide range of use cases outside traditional financial transactions are developing due to the potential blockchain technology. However, the cryptocurrency market has been suffering with unusual volatility since early 2022, and the lack of universal regulatory ambiguity regarding industry is not exactly supporting innovation in the space.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
