Crypto Adoption is Surging in European Market, Says a Research

A leading centralized cryptocurrency firm conducted research that states that high returns, decentralization, and innovation are the key motivators driving European citizens to enter the cryptocurrency market. 

Binance survey is based on interviews with participants from European countries: France, Italy, Spain, and Sweden. Approximately 10,498 people attended the poll, the survey was conducted between October 14 and November 8, 2023.  

The result data is entirely favoring the crypto, which might be expected from the source of polling data, revealing bullish sentiments in the market. 

“The primary drivers for mainstream adoption in Europe are high returns, decentralization, and innovation, according to 20%, 18%, and 17% of respondents, respectively,” the survey says.  

Binance states that 55% of survey participants use cryptocurrency for everyday purchases and 10% make payments in cryptocurrencies. In 2023, Crypto(dot)com revealed that the global user base of crypto is above half of a billion, and it will probably reach one billion in the coming years.  

Dozens of technological institutions believe that a major boost in crypto adoption is seen following major updates. However, a declining momentum was seen during the collapse of FTX and some other renowned companies in the crypto industry. 

The collapse of FTX the second biggest cryptocurrency was an unprecedented event that stirred the market and as per claims over $200 Billion of money in the form of crypto went out of the market. 

In recent weeks a whooping surge has been seen in the crypto adoption and the surge is believed to be backed by the approval of spot Bitcoin ETFs, which created an opportunity to trade Bitcoin in smaller quantities. 

Bitcoin and Crypto Market Price Update

The fear and greed index of the crypto market is reflecting neutrality as it is at 55, but it is important to note that the entire crypto market capitalization has been struggling since last month. The market cap declined 2.01% in the past 30 days. 

Bitcoin faced several barriers in the past few days but when writing, it was trading at $42,065, with a weekly surge of 2.36% in the weekly time frame.  

Before the approval of spot ETF Bitcoin’s price was flourishing and tried several times to break the resistance of $50k, however failed and got rejected from the boundary of $38k.  

It is crucial to note that after the approval on the 1st day in the market, the Bitcoin ETF gathered lots and attention from traders and attracted hundreds of millions in just a couple of hours.

Ethereum (ETH), the second largest crypto in terms of market cap, shows a declining pattern.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.