Bitget Research has released a comprehensive report shedding light on the growing adoption of cryptocurrencies in the Middle East region.
According to the findings shared by crypto.news, the Middle East witnessed a significant surge in crypto traders in 2024, with an average of 500,000 active traders, marking a staggering 166% increase compared to the previous year. This number is projected to further rise to 700,000 by the end of the year.
The remarkable growth in crypto adoption is credited to several factors, including favorable local cryptocurrency regulations, the approval of Bitcoin (BTC) ETFs, and the increasing attractiveness of digital assets amidst a market rally. Leading the charge in cryptocurrency adoption is the UAE, where 72% of local users are investing in Bitcoin.
“Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as ‘digital gold’ by UAE users,” stated Bitget Research.
Furthermore, the report highlights that Middle Eastern countries heavily rely on centralized global exchanges for crypto trading. Local exchange platforms such as Rain and M2, although active, do not rank in the top 10 in terms of absolute traffic. This is primarily due to the limited variety and liquidity of tradable assets on local exchanges compared to global platforms, along with the convenience of deposit and withdrawal channels in local currencies.
However, amidst the region’s growing influence in the crypto market, there have been instances where developments in the Middle East impacted the global cryptocurrency market. In mid-April, amid escalating tensions in the Middle East, the crypto market experienced a sharp downturn. Cryptocurrencies across the board witnessed significant price drops between April 13 and April 14, with Bitcoin plummeting by approximately 10% within a span of two hours, dipping into the $60,000 range. Additionally, altcoins faced even steeper declines, amplifying Bitcoin’s dominance during this period.
The Middle East’s expanding presence in the crypto market underscores its growing significance as a key player in shaping the global cryptocurrency landscape.
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