Amid Lockdown In UK, Revolut Experiences Surge In Retail Crypto Traders
Revolut, a UK based finance app, recently released a data which indicated the crypto trading habits of users have been affected by the COVID-19 lockdown.
The finance app, which helps casual, retail crypto-traders, have been used by just one-third of 10 million customers for trading cryptocurrency.
Crypto Confidence RevivingAccording to a report, the U.K. imposed locked in March 2020, since then the average size of its customer in the U.K., for buying cryptocurrency, came down by 58 percent.
However, by the end of April, the crypto confidence revived and the average purchasing of it increased and reached 57 percent.
At the same time, many of the apps also experienced a surge of 68 percent in their use by the people trading crypto assets.
In March 2020, the average value of each trade fall by 52 percent but in the next month, it raised by 63 percent.
Correlation Between Age Of User And Purchased Amount Of CryptoA report by Revolut further mentioned that from April 20 to May 04, it noticed the number of users selling cryptocurrency increased by 38 percent along with it, the average sale also surged by 13 percent.
From March to April 2020, Bitcoin was very popular on Revolut as it has covered 51 percent of all trades on the platform.
The second position on the platform went to Ripple (XRP) because it represented 20 percent of trades. The very next position was taken by Ethereum with 14 percent and, Litecoin and Bitcoin Cash recorded 8 percent of each trade.
Revolut in its report mentioned that there has been a strange correlation between the age of the user and the amount of crypto they purchased. While explaining it, the UK-based finance app mentioned that people between the age of 55-64 years averaged $423 per trade but the buyers between 18-24 years have averaged around $134 per trade.
It has been notified that the volume of UK-based trade is approx. one-third times better than the European one.
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About The Author
Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.
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