Crypto purchases went up by 236% during the COVID-19 crisis on crypto trading app “2gether”
After the bankruptcy of financial giant “Lehman Brothers” in 2008, which sparked a worldwide economic crisis, Bitcoin was created. Nowadays, 12 years later, we’re facing the threat of a new financial crisis, and the purchase of digital assets has skyrocketed.
From 11 to 13 March 2020, the trading operations at 2gether increased by 236%.
The biggest increase happened on crypto purchases, with it meaning 75% of all trading operations on 2gether.
63% of all trading operations were done using Bitcoin, followed by Ethereum with 27%, Cardano with 3%, and Basic Attention Token, Bitcoin Cash and Litecoin with 1% respectively.
This generalized increase in crypto purchases on all trading platforms resulted in the overload of the ETH and BTC network, which left operations pending for hours.
Google searches related to Bitcoin purchases notably increased on the 13 of March 2020.
The countries where most English searches were made were African countries, with Nigeria showing the highest number of searches. Spanish searches were coming mainly from South America, with Cuba leading the list of Spanish-speaking countries.
The countries with the most corrupt political systems show a higher desire from citizens to protect their money using digital assets such as Bitcoin.
It could be that in the following months we see an increase in the number of people who value crypto as a way to diversify their savings in financially uncertain times, which will take crypto from being an obscure concept to becoming an option to diversify FIAT money, which is getting more devalued with time and it’s going down a path of losing user trust.
If you want to learn more, watch this video by David Battaglia:
