Bitget Research recently released a report on the rise of cryptocurrency adoption in the Middle East region. According to the report, the number of active crypto traders in the Middle East has increased by 166% in 2024, with an average of 500,000 traders. This number is expected to reach 700,000 by the end of the year.

This growth can be attributed to the favorable local cryptocurrency regulations, the approval of Bitcoin (BTC) ETFs, and the increasing popularity of digital assets during a market rally. The United Arab Emirates (UAE) leads the region in cryptocurrency adoption, with 72% of local users investing in Bitcoin.

Users in the UAE have shown a strong interest in investing in BTC and ETH, with BTC often referred to as “digital gold” by UAE users, according to the report from Bitget Research. However, Middle Eastern countries heavily rely on centralized global exchanges, with local exchange platforms such as Rain and M2 not ranking in the top 10 in terms of traffic due to the limited variety and liquidity of tradable assets on local exchanges.

In mid-April, the Middle East experienced a significant market downturn, causing a sharp decline in the cryptocurrency market. During this time, Bitcoin’s price dropped by approximately 10% in just two hours, falling to the $60,000 range. This led to an increase in dominance for Bitcoin and a larger decline in most altcoins.

Overall, the Middle East is witnessing a surge in cryptocurrency adoption, driven by regulatory support, market trends, and increasing interest from local investors. Stay updated with more news and insights on cryptocurrencies on Global Crypto News.

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