According to Bitget report, the Middle East’s cryptocurrencycurrency market is experiencing a spike with 500,000 daily trades. The UAE’s policies are particularly favorable to cryptocurrencycurrency, and users prefer chains that support decentralized projects, gaming, and the metaverse.
In contrast to institutional users who prefer Bitcoin, Middle Eastern retail investors are more fond to memecoins. After China’s crackdown, miners are drawn to the region due to its lax rules, despite its adoption ranking ranging from 20th to 78th worldwide.
In light of China’s mining crackdown, miners in North America are notably focusing their attention on the Middle East for cryptocurrencycurrency mining due to the region’s favorable rules and plentiful power resources. This change is indicative of the region’s growing prominence in the cryptocurrencycurrency space.
Though the Middle East’s share of the global cryptocurrencycurrency market is small (7.2%), its rapid growth and lenient laws make it noteworthy. In terms of the adoption of cryptocurrencycurrencies, Chainalysis placed Morocco, Egypt, Algeria, Saudi Arabia, Jordan, and the United Arab Emirates among the top 100.
The Middle East’s cryptocurrencycurrency market is expanding as a result of favorable legislative policies, a wide range of consumer preferences, and interest from miners throughout the world looking for new opportunities.
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