{"id":641480,"date":"2023-04-25T21:09:20","date_gmt":"2023-04-26T02:09:20","guid":{"rendered":"https:\/\/news.sellorbuyhomefast.com\/index.php\/2023\/04\/25\/uk-crypto-revenue-growing-faster-than-us-projected-125-in-2023\/"},"modified":"2023-04-25T21:09:20","modified_gmt":"2023-04-26T02:09:20","slug":"uk-crypto-revenue-growing-faster-than-us-projected-125-in-2023","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2023\/04\/25\/uk-crypto-revenue-growing-faster-than-us-projected-125-in-2023\/","title":{"rendered":"UK Crypto Revenue Growing Faster than US, Projected 125% in 2023"},"content":{"rendered":"
\n

The UK
\ncryptocurrency market is not only one of the largest in the world, but also the
\nfastest growing. According to data presented by Statista, it is expected to be
\nworth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that
\nthe broad digital asset industry recorded last year.<\/p>\n

US Remains Crypto Leader,
\nbut the UK Grows Faster<\/h2>\n

Current
\nforecasts project that revenue generated by the US cryptocurrency market will
\nreach $17.36 billion in 2023, making it the largest in the world. In 2023, the
\nindustry saw its first-ever decline in revenue, including in the United States,
\nsliding from $12.93 billion in 2021 to $8.63 billion reported in 2022. <\/p>\n

However,
\nthe end of the cryptocurrency winter<\/a>, a prolonged decline in the valuations of
\nmajor digital assets, has meant that miners, investors, and crypto
\nentrepreneurs can again look forward to sizable gains in 2023.<\/p>\n

The UK is
\nin second place after the United States, as mentioned in the introduction, with
\na projected revenue of $1.89 billion and the highest year-on-year (YoY) growth
\nrate among the five largest cryptocurrency economies. Third place goes to
\nGermany with a YoY growth rate of 72% and projected revenue of $1.61 billion,
\nfollowed by Canada in fourth place (projected revenue of $1.42 billion, which is up
\n107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, which is up
\n108.7% YoY).<\/p>\n

\n

\"Crypto\"<\/p>\n<\/figure>\n

The global
\ncryptocurrency industry’s total revenue was $18.52 billion in 2022, after a
\nsharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly
\n$38 billion in 2023 and profit around $65 billion in 2027. <\/p>\n

The Dominance of Crypto Is
\nGrowing<\/h2>\n

According
\nto Statista, in 2022, the dominant cryptocurrency exchange<\/span><\/span> <\/span> globally was
\nBinance, which accounted for 28% of the total market share<\/a> (12% belonged to
\nHuobi, 9% to Coinbase, and 7% to Kucoin). A number of smaller platforms from
\ndifferent parts of the world held an 18% share.<\/p>\n

This
\ninformation was confirmed by an independent report presented by CryptoCompare
\nin February 2023 on spot market share. According to the data, Binance’s
\ndominance was even more significant at 61.8%. The controversy and problems surrounding the BUSD stablecoin<\/a> have hardly affected the results realized by the trading
\nplatforms.<\/p>\n

The number
\nof cryptocurrency users has also grown rapidly over the past few years. In 2020, there were 74 million users, 2021, 300 million, 2022, 430
\nmillion. And, in 2023, the value is projected to reach 673 million and exceed the
\none billion milestone in 2027.<\/p>\n

The market’s
\ncontinued growth is evidenced by the increase in the amount of money that
\ngoes into lobbying activities<\/a>. According to the Money Mongers report, their
\nvalue has increased by 922% over the past six years to $25 million. However, in
\nthis case, the leader was not Binance but the Coinbase exchange. It spent the
\nmost funds on lobbying in 2022, as much as $3.4 million. <\/p>\n

It does not
\nchange the fact that the industry’s rapid growth may be blocked by troubling moves
\nfrom the US, where regulators and politicians are taking more legislative steps
\nthat could adversely affect the digital assets niche. Democrat Senator
\nElizabeth Warren has stated<\/a> that she is “building an anti-crypto
\narmy.” Meanwhile, the CFTC<\/span><\/span> <\/span>, has sued Binance<\/a>, claiming that the
\nderivatives offered by the exchange are illegal in the US.<\/p>\n<\/div>\n

\n

The UK
\ncryptocurrency market is not only one of the largest in the world, but also the
\nfastest growing. According to data presented by Statista, it is expected to be
\nworth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that
\nthe broad digital asset industry recorded last year.<\/p>\n

US Remains Crypto Leader,
\nbut the UK Grows Faster<\/h2>\n

Current
\nforecasts project that revenue generated by the US cryptocurrency market will
\nreach $17.36 billion in 2023, making it the largest in the world. In 2023, the
\nindustry saw its first-ever decline in revenue, including in the United States,
\nsliding from $12.93 billion in 2021 to $8.63 billion reported in 2022. <\/p>\n

However,
\nthe end of the cryptocurrency winter<\/a>, a prolonged decline in the valuations of
\nmajor digital assets, has meant that miners, investors, and crypto
\nentrepreneurs can again look forward to sizable gains in 2023.<\/p>\n

The UK is
\nin second place after the United States, as mentioned in the introduction, with
\na projected revenue of $1.89 billion and the highest year-on-year (YoY) growth
\nrate among the five largest cryptocurrency economies. Third place goes to
\nGermany with a YoY growth rate of 72% and projected revenue of $1.61 billion,
\nfollowed by Canada in fourth place (projected revenue of $1.42 billion, which is up
\n107.5% YoY), and Japan in fifth place (projected revenue of $1.37 billion, which is up
\n108.7% YoY).<\/p>\n

\n

\"Crypto\"<\/p>\n<\/figure>\n

The global
\ncryptocurrency industry’s total revenue was $18.52 billion in 2022, after a
\nsharp decline from the record $31.91 billion in 2021. However, the crypto sector is projected to earn nearly
\n$38 billion in 2023 and profit around $65 billion in 2027. <\/p>\n

The Dominance of Crypto Is
\nGrowing<\/h2>\n

According
\nto Statista, in 2022, the dominant cryptocurrency exchange<\/span><\/span> <\/span> globally was
\nBinance, which accounted for 28% of the total market share<\/a> (12% belonged to
\nHuobi, 9% to Coinbase, and 7% to Kucoin). A number of smaller platforms from
\ndifferent parts of the world held an 18% share.<\/p>\n

This
\ninformation was confirmed by an independent report presented by CryptoCompare
\nin February 2023 on spot market share. According to the data, Binance’s
\ndominance was even more significant at 61.8%. The controversy and problems surrounding the BUSD stablecoin<\/a> have hardly affected the results realized by the trading
\nplatforms.<\/p>\n

The number
\nof cryptocurrency users has also grown rapidly over the past few years. In 2020, there were 74 million users, 2021, 300 million, 2022, 430
\nmillion. And, in 2023, the value is projected to reach 673 million and exceed the
\none billion milestone in 2027.<\/p>\n

The market’s
\ncontinued growth is evidenced by the increase in the amount of money that
\ngoes into lobbying activities<\/a>. According to the Money Mongers report, their
\nvalue has increased by 922% over the past six years to $25 million. However, in
\nthis case, the leader was not Binance but the Coinbase exchange. It spent the
\nmost funds on lobbying in 2022, as much as $3.4 million. <\/p>\n

It does not
\nchange the fact that the industry’s rapid growth may be blocked by troubling moves
\nfrom the US, where regulators and politicians are taking more legislative steps
\nthat could adversely affect the digital assets niche. Democrat Senator
\nElizabeth Warren has stated<\/a> that she is “building an anti-crypto
\narmy.” Meanwhile, the CFTC<\/span><\/span> <\/span>, has sued Binance<\/a>, claiming that the
\nderivatives offered by the exchange are illegal in the US.<\/p>\n<\/div>\n

Read More<\/a>
\n Damian Chmiel<\/p>\n","protected":false},"excerpt":{"rendered":"

The UK cryptocurrency market is not only one of the largest in the world, but also the fastest growing. According to data presented by Statista, it is expected to be worth $1.89 billion in 2023, rebounding more than 125% from cyclical lows that the broad digital asset industry recorded last year.US Remains Crypto Leader, but<\/p>\n","protected":false},"author":1,"featured_media":641481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22791,27550],"tags":[],"class_list":["post-641480","post","type-post","status-publish","format-standard","has-post-thumbnail","category-crypto","category-revenue"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/641480","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=641480"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/641480\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/641481"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=641480"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=641480"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=641480"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}