UK crypto transactions surge by 30 per cent

The volume of UK daily cryptocurrency transactions has risen by 30 per cent to £468 million in the second quarter of the year, according to figures from Coinbase.

This compares to the first quarter, where brits contributed £325 million worth of crypto transactions.

The volume of global cryptocurrency transactions has risen by 32 per cent in the second quarter of the year.

Asia led the way with a 44 per cent increase in crypto transactions.

Coinbase, a US-based company operating a cryptocurrency exchange platform, reported continued interest in Ethereum over the same period, with average daily traded volume up 53 per cent compared to the previous quarter.

Ethereum’s daily traded volume was over 80 per cent of Bitcoin’s daily traded volume in the second quarter and represents 57 per cent of Bitcoin’s daily traded volume over the past three quarters, the research found.

The price of Bitcoin and Ethereum reached new highs of $63,000 and $4,200 respectively in Q2, before dropping back to $31,700 and $1,900 on Monday.

“We continue to see significant interest in a range of digital assets from both retail and institutional customers, with Ethereum continuing to grow in popularity and cementing its position as the second largest cryptocurrency by market capitalisation,” said Marcus Hughes, Coinbase managing director, Europe. “Ethereum’s trading volume grew 53 per cent from Q1 to Q2 while Bitcoin saw a 14 per cent decline.”

Hughes added: “This resulted in Ethereum volumes making up over 80% of the traded volumes of Bitcoin in Q2, a significant increase on last year and testament to increased interest in digital assets beyond Bitcoin.”

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