This Week In Crypto | 13 - 19 October

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Dacxi

Oct 19, 2021

5 MIN

Public Interest in Cryptocurrencies Witness a Surge in Indonesia and Chile

Mainstream BTC Adoption Growing in El Salvador

Trading View Raises $298 Million at a Valuation of $3 Billion

North America’s Crypto Market Witnesses Astounding Growth Rate

The US Dominates Global Bitcoin Hash Rate Distribution

The crypto industry juggernaut is witnessing a bull run in and beyond the geographies of the US and North America. While the US is now dominating the global bitcoin hash rate distribution, Indonesia, Chile, and Argentina witness a massive growth in crypto-keenness. Bitcoin adoption is steadily growing in El Salvador and North America’s crypto transaction volume has grown more than 1,000%.

Public Interest in Cryptocurrencies Witness a Surge in Indonesia and Chile

If annual search volume, number of articles published on the topic, and total engagement are indications, public interest towards cryptocurrency adoption is growing in countries like Indonesia, Chile, or Argentina. Engagement with cryptocurrency-related articles has witnessed the highest surge of 1772% in Indonesia, while Chile has witnessed more than 700% growth in annual search volume, year on year. The engagement growth in Argentina has also been phenomenally high: 1195%. Annual search volume year on year increase has been more than 575% in Indonesia. 

The report has been prepared by the Australian blockchain education startup Coinformant. Indonesia also led the world in crypto interest in 2021. Although crypto payments became illegal in Indonesia in 2017, crypto trading remains legal in the country. A major Indonesian crypto wallet and trading platform Pintu raised $35 million from some of the biggest investors in the industry. 

Mainstream BTC Adoption Growing in El Salvador

The crypto enthusiast President of El Salvador, Nayib Bukele, tweeted two facts on October 16th, 2021, to show that the mainstream adoption of BTC is increasing in the country.  The first fact stated that people were inserting much more USD to buy BTC than what they were withdrawing from the Chivo ATMs. 

Chivo is El Salvador’s in-house wallet service and El Salvador has deployed 205 crypto ATMs to facilitate Bitcoin transactions and BTC-to-USD conversions. The second fact cited by President Bukule was about El Salvador receiving 24,076 remittances in a day, which added up to more than $3 million. 

Trading View Raises $298 Million at a Valuation of $3 Billion

The trading view is a price charting platform. Industry leverages the platform as a reference for cryptocurrencies’ price movements and that of other assets. Tiger Global, Trading View’s new investor led the round. A robust upsurge in the platform’s user base was encouraging for the platform’s user base to attract investment. To put the growth in numbers, TradingView witnessed a 400% increase in new accounts and a 237% increase in visitors over the last 18 months. 

Trading View was founded in 2011. Over the past decade - since its inception - the platform has gradually grown into a user base of 30 million spread across 180 countries. The users of the platform leverage it to access asset price charts for cryptocurrencies, stocks, and futures. 

North America’s Crypto Market Witnesses Astounding Growth Rate

According to the Geography of Cryptocurrency Report published by digital analytics firm Chainalysis, the monthly crypto transaction volume across North America has grown by more than 1,000% between July 2020 and June 2021. The volume reached its peak of $164 billion in May 2021. The analysts see decentralized finance as the biggest driver of growth. Defi transactions accounted for 37% of North America’s overall transaction volume during the period. 

The North American residents sent nearly $276 billion in crypto to platforms in the DeFi space. Retail investors led these transactions last year, whereas now crypto insiders with enough funds to experiment are leading the market. Between June 2020 and June 2021, Uniswap was the most popular DeFi platform in North America. Users did send more than $100 billion in transaction volume. 

The US Dominates Global Bitcoin Hash Rate Distribution

Bitcoin miners in the US now account for more than 35% of the global BTC mining hash rate. The countries that follow the US are Kazakhstan (18%) and Russia (11%). 

After the China crackdown on cryptocurrencies, one of the largest Chinese Bitcoin miners, BTC.com, reportedly moved to Kazakhstan. Among American miners, Argo Blockchain, Riot Blockchain, Marathon and many others have made large orders of mining rigs from major manufacturers, such as Bitmain and MicroBT.