Cryptocurrency mobile applications experienced a surge in downloads as Americans look to diversify their investments following the crisis that rocks U.S. banks in the past few weeks.
A report by Apptopia revealed that the top 10 crypto mobile applications saw a rise of 15% since the collapse of Silicon Valley Bank.
Coinbase, Crypto.com, Trust, Binance, Bitcoin Crypto DeFi Wallet, Blockchain.com, KuKoin, Kraken, eToro and BitPay were the top 10 crypto apps listed in the United States.
Investors King understands that the increase in crypto mobile app downloads was a result of the uncertainty surrounding the U.S. banking sector following the collapse of three leading banks last week.
Also, another contributing factor was global happenings like the crisis in Credit Suisse, the second-largest bank in Switzerland and one of the largest in the world. Last week, the Swiss national bank injected $54 billion into the failed bank before it was finally acquired by UBS, the largest bank in the country earlier today in about a $3 billion deal.
Despite the unregulated nature of the cryptocurrency space, retail investors and institutional investors are now looking to risk it all ahead of the Bitcoin halving expected to take place in May 2024.
Bitcoin halving is a process where Bitcoin reward is halved every 4 years. The process reduce bitcoin supply while demand remained constant and simultaneously bolstered the value of the digital asset.
It is important to note that top ten banking apps in the U.S. surveyed during the same period experienced a 5% decline in mobile downloads. This includes banks like Capital One, Chase, Bank of America, Wells Fargo, and Citi bank among others.
Meaning capital inflow into the cryptocurrency space will continue to increase into 2024, especially with the Fed and other central banks expected to continue to raise interest rates to manage rising inflation.
According to CoinMarketCap, cryptocurrency’s total market capital rose by 8.3% to $1.1 trillion during the surveyed period while Bitcoin and Ethereum value grew by 15% and 9%, respectively. Another evidence of rising demand for unregulated digital assets.
