UK Registers 30% Jump in Crypto Transactions: Coinbase Data

Routine crypto transactions have increased by 30 percent during Q2 in 2021, rising from £325 million in Q1 to £468 million during the second quarter in the UK, according to Coinbase records. Where UK’s crypto transactions have been record-breaking, Asian nations have overthrown everyone with a 44 percent increase in crypto transactions during Q2. Globally, there has been a hike of over 32 percent during the second quarter of the year.

Ethereum precedes Bitcoin

Bitcoin and Ethereum have seen an increase in demand during the second quarter. Ethereum’s daily trading volume exceeded Bitcoin’s daily trading volume by 80 percent in the second quarter and represented 57 percent of Bitcoin’s daily trade volume for the past three quarters.

Where Ethereum registered an increased trading volume up to 53 percent, Bitcoin witnessed a 14 percent decline in the second quarter. The price of Bitcoin and Ethereum touched $63,000 and $4,200 respectively during Q2 but dropped half of its valuation soon after, BTC is currently trading at $31,700 and ETH at $1,900.

“We continue to see significant interest in a range of digital assets from both retail and institutional customers, with Ethereum continuing to grow in popularity and cementing its position as the second-largest cryptocurrency by market capitalization… Ethereum’s trading volume grew 53 percent from Q1 to Q2 while Bitcoin saw a 14 percent decline,” said Coinbase managing director, Marcus Hughes. “This resulted in Ethereum volumes making up over 80% of the traded volumes of Bitcoin in Q2, a significant increase on last year and testament to increased interest in digital assets beyond Bitcoin.”, Hughes added.

Crypto success despite Crypto crackdown in the UK

This increase in Crypto transactions has come at a crucial time in the UK, when the UK watchdog, the Financial Conduct Authority (FCA) has initiated a nationwide crypto crackdown. Recently, FCA declared the launch of its upcoming digital marketing campaign worth £11m to alert the younger investors in the crypto community of the risks in the crypto market. This campaign followed the initial steps of crypto crackdown like, ‘red alert’ on crypto ads in the UK.