According to a recent report from blockchain analytics firm Chainalysis, African countries contain "some of the most well-developed cryptocurrency markets of any region." Among other things, the report finds that Nigeria and Kenya see strong cryptocurrency adoption "when weighted for purchasing power and population, especially on P2P exchanges"; South Africa "leads the region in raw transaction volume"; and in sub-Saharan Africa, retail cryptocurrency transactions make up 95 percent of all transfers.
In a final notable item, a recent report from Forbes said that "[a] new Forbes analysis of 157 crypto exchanges finds that 51% of the daily bitcoin trading volume being reported is likely bogus." Among other things, the report also found that USDT "continues to be a dominant player in the crypto trading economy, especially when it comes to trades against bitcoin"; "21 crypto exchanges generate $1 billion or more in daily trading activity, while the next 33 exchanges had volume between $200 million and $999 million"; offshore exchanges make significant use of stablecoins to "synthetically" create U.S. dollar liquidity on their platforms because they do not have access to U.S. bank accounts; and "some of the largest trading pair activity occurs against fiat currencies like the Japanese yen and Korean won and against major stablecoins like Binance U.S. dollar and the USD coin."
For more information, please refer to the following links:
- How Cryptocurrency Meets Residents' Economic Needs in Sub-Saharan Africa
- More Than Half Of All Bitcoin Trades Are Fake
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