Serj Panchuk
According to the data provided by a British financial company named Revolut, the limitations related to COVID-19 have been affecting the amount and cost of cryptocurrency transactions made by international users.
Almost 1/3 of the 10 million Revolut clients trade cryptocurrencies via the company's app on a regular basis. the app is tailored mainly to beginning retail traders. Basically, Revolut won't let you buy the actual BTC coin because it's impossible to transfer the purchased BTC coins to an external account. So, you buy coins without actually owning them.
UK Traders Are Back To Trading In April
Because of the March limitations introduced in the UK, the average cost of transaction dropped all the way down to 58% from 663 dollars to 281 dollars. In April, the traders got back to trading again amid increasing trust to cryptocurrencies. This made the cost of transactions rise by 57%. At the same time, the amount of those trading digital assets increased by 68%.
Ripple Outperformed Ethereum
It should be noted that in April, Ripple became the 2nd most traded cryptocurrency after Bitcoin, thus outperforming Ethereum. The mentioned 3 coins made up for 51%, 20% and 14% of the trading volume respectively, NordFX experts report.
The data provided by Revolut indicates a strong correlation between the user's age and the amount of cryptocurrencies purchased. The average transaction amount for the traders aged 55-64 reached 423 dollars. On the other hand, the traders aged 18-24 spent 134 dollars on cryptocurrencies on average.
Serj Panchuk
