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Top Ten Crypto Wallets Hit 5.6M Downloads in January, a 150% Jump in a Month

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The rapid growth of the crypto market and Bitcoin’s price rally led to a surge in new crypto wallet users in 2021.

According to data presented by TradingPlatforms.com, the top ten cryptocurrency wallets hit 5.6 million downloads in January, a 150% increase in a month.

The Highest Number of Downloads After December 2017

During the first half of 2020, the combined download figures from the Coinbase, Blockchain Wallet, Crypto.com, BRD, Trust, Luno, Binance, Bitcoin Wallet, Bitcoin Wallet by Bitcoin.com, and Coinbase Wallet, as the top ten crypto apps, floated between 1.2 million and 1.4 million, revealed the Airnow data.

The following months witnessed an increasing trend, with the number of downloads rising to 1.8 million in August. Statistics show the ten most popular cryptocurrency wallets registered roughly 2.2 million downloads in December 2020. However, a month later, it grew to over 5.6 million, the highest figure since December 2017. Around this time, Bitcoin’s price surged to new heights, and other cryptocurrencies such as Dogecoin attracted more and more general interest.

Statista Global Consumer Survey showed interesting stats about the crypto owners. Although the highest Bitcoin trading volume in 2020 came from the United States and Russia, people from countries in Africa, Asia, and South America were most likely to own cryptocurrencies.

Nigeria ranked as the leading country on this list, with nearly one out of three respondents who stated they either owned or used digital coins last year. Vietnam, the Philippines, and South Africa followed with 21%, 19.8%, and 17.8% share, respectively. On the other hand, only six out of 100 respondents in the United States used or owned crypto coins in 2020.

Although some countries are more likely to use digital currencies daily, statistics showed professional investors looking for a cryptocurrency-themed ETF were more often found in Europe. Most of the largest European crypto hedge fund managers in 2020 were either from the United Kingdom or Switzerland, as the country with the highest cryptocurrency adoption rate.

Coinbase and eToro hit Record Number of Users

In January, Coinbase hit its highest number of daily active users in the United States. The Airnow data show the popular crypto wallet reached over 600,000 users that month, around ten times more than Blockchain Wallet.

Other apps that allow either buying or storing Bitcoin also witnessed a surge in the number of users. Statistics show that Crypto.com saw its DAU double between December 2020 and January 2021, while the number of Americans using Voyager’s crypto wallet tripled in three months.

The use of crypto wallets in the United Kingdom also spiked between December 2020 and January 2021. As the market leader, Coinbase hit over 100,000 daily active users in the UK, roughly ten times more users than Crypto.com. Statistics show eToro saw its DAU triple in this period, jumping from 3,900 to almost 13,400 users.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Bitcoin

Bitcoin Sets a New Record High at $63,000 on Tuesday

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Bitcoin surged to a fresh record high of more than $63,000 on Tuesday, as investors awaited the highly-anticipated stock market debut of cryptocurrency exchange Coinbase.

The price of bitcoin climbed 5% in the last 24 hours to hit $63,171, according to data from Coin Metrics, before easing slightly to around $62,653. Ether, the second-most valuable digital coin after bitcoin, also set a fresh record, climbing to $2,222.

Coinbase is set to go public on Wednesday through a direct listing that could value the company at as much as $100 billion — more than major trading venue operators like Intercontinental Exchange, owner of the New York Stock Exchange. Crypto investors are hailing the company’s stock market debut as a major milestone for the industry after years of skepticism from Wall Street and regulators.

“This is really good and really important for the industry,” Marcus Swanepoel, CEO and co-founder of London-based cryptocurrency platform Luno, told CNBC. “It’s going to increase the trust and transparency in our industry.”

“There’s still a bit of distrust in the industry and I think having a company of that size be public is going to help a lot of people realize that this is not just an asset class to take seriously but also a business to take seriously.”

Coinbase, founded in 2012, is the largest cryptocurrency exchange in the United States. It’s seen surging revenues this year thanks to a climb in the value of bitcoin and other cryptocurrencies. The company reported estimated revenues of $1.8 billion in the first quarter of 2021, a nine-fold increase from the same period a year earlier, while profits grew to between $730 million and $800 million.

Bitcoin has more than doubled in price since the start of this year, as mainstream investors jumped into cryptocurrencies. Tesla recently made a $1.5 billion bet on bitcoin and now accepts the digital currency as a method of payment for its cars. Meanwhile, Wall Street giants like Goldman Sachs and Morgan Stanley are looking to offer their wealthy clients some exposure to bitcoin.

Bitcoin bulls view the cryptocurrency as a store of value akin to gold that can be used to diversify investment portfolios in times of economic crisis. But skeptical economists like Joseph Stiglitz and Nouriel Roubini are unconvinced, viewing bitcoin as extremely volatile and a vehicle for illegal transactions.

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Ripple Scores Second Victory As Court Denies SEC’s Request On Financial Records

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A judge has granted a motion to dismiss the U.S. Securities and Exchange Commission’s (SEC) request to peer into years’ worth of financial records belonging to Ripple executives.

A court document from Judge Sarah Netburn, filed on Friday, shows the SEC’s request for eight years of financial data belonging to Ripple’s Brad Garlinghouse and Chris Larsen has been denied.

CEO Garlinghouse and Executive Chairman Larsen asked the courts to quash the request by the securities regulator last month labeling the request as a “wholly inappropriate overreach.”

The development means Ripple has scored a second victory in its fight against the regulator after having won the right last week to look into the SEC’s internal communications over how it classifies cryptocurrency as a security.

Netburn said the SEC’s request for personal financial records, outside of those belonging to transactions relating to XRP (+24.28%), that were already promised by the executives, was irrelevant and disproportional to the “needs of the case.”

“The SEC shall withdraw its requests for production seeking the individual defendants’ personal financial records and withdraw its third-party subpoenas seeking the same,” wrote Netburn.

However, should discovery progress to a point where the SEC uncovers evidence demonstrating Garlinghouse and Larsen lied about their XRP transaction records, Netburn said the regulator may renew its application.

In December, the SEC sued Ripple, Garlinghouse and Larsen alleging the company and its executives had sold XRP to retail investors in direct violation of U.S. federal securities laws.

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Cryptocurrency

Rap Icon Nas Could Net $100M When Coinbase Lists on Nasdaq

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U.S. rapper Nasir Jones (better known by his stage name, Nas) is among the fortunate few to have made early investments in Coinbase, the cryptocurrency exchange expected to reach over $100 billion in valuation when its COIN stock lists on Wednesday.

Jones’ investment firm, QueensBridge Venture Partners, got into Coinbase’s Series B round back in 2013 when it raised $25 million. Around that time Coinbase was valued at about $143 million, according to PitchBook.

The Nas news shows just how far Coinbase’s public listing will ripple across the world of venture capital, with everyone from Wall Street veterans to A-list celebrities all standing to win big when the chips fall this week.

QueensBridge, which was also a backer of Robinhood in 2013 and later Lyft and Dropbox, makes early-stage investments of between $100,000 and $500,000, according to Jones’ QueensBridge co-founder Anthony Saleh.

Dividing the firm’s $100,000–$500,000 stake by the share price at the time of Coinbase’s Series B ($1.00676) points to QueensBridge owning around 99,329 shares on the low end or 496,642 on the high end, according to an analysis by CoinDesk.

At the price that Coinbase shares last traded on private secondary markets – $350 per share – Jones’ firm would have a pot of somewhere between $34.76 million and $173.8 million. If Coinbase shares trade at investment bank DA Davidson’s new price target of $440, QueensBridge could see the value of its Coinbase stake rise to $43.7 million and $218.5 million, respectively.

Saleh and Jones did not return requests for comment. Coinbase declined to comment.

But a source familiar with the matter confirmed QueensBridge remains on the Coinbase cap table.

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