Canadians Line-Up To Invest In Cryptocurrency Market

2 min read | February 10, 2021 03:28 AM AEDT | By Kunal Sawhney

Google News:

Canadians Line-Up To Invest In Cryptocurrency Market

Recent News

Why Are Lynas Rare Earths (ASX:LYC), Paladin Energy (ASX:PDN) and Elev...

Why Did Coles (ASX:COL) Rise While Mining Stocks Dragged the ASX Lower...

Why Did AMP (ASX:AMP) Lead the ASX 200's Top Performers Today?

Why Are Lynas Rare Earths (ASX:LYC), Paladin Energy (ASX:PDN) and Elev...

Make Kalkine Media
My Trusted Source

Summary

Canadian crypto enthusiasts have increased by almost 192 per cent on Kraken, a US-based crypto trading platform in January.

Crypto exchange apps have outshined the top Canadian banks on adding new users in the last month.

Top foreign exchanges have also witnessed an extraordinary demand of crypto traders amid the ongoing record rally.

After Bitcoin flied to an all-time high, Canadians are actively searching for crypto exchange apps to enter the lucrative cryptocurrency market. Retail investors especially have been exploring options for crypto trading accounts.

Bitcoin surged over US$ 48,000 per token on Monday after Tesla invested US$ 1.5 billion in the crypto token.

An interim request for a bitcoin exchange-traded fund (ETF) has already been submitted by investment firm Accelerate Financial Technologies to Canadian securities regulators. The firm said is awaiting approval from regulators to list its Bitcoin ETF on the Toronto Stock Exchange (TSX) in an announcement on February 3.

This bitcoin buying frenzy started last month, after Telsa CEO Elon Musk wrote ‘Bitcoin’ in his Twitter bio. This set off an ongoing crypto rally. Canadians started lining-up to invest in virtual currency.

While crypto enthusiasts are downloading home-developed crypto apps, many of them are also exploring apps from foreign trading platforms such as Coinbase, Binance, Coinbase, Webull, Crypto.com, and Uphold. These crypto exchanges have also witnessed a rise in downloads in 2021.

Influx Of New Crypto Investors

In December and January, US-based crypto exchange Kraken observed 192 per cent month-over-month (MoM) rise in downloads from Canada, as per data from app intelligence platform Apptopia.

Apptopia also noted that the popular crypto apps in Canada such as Wealthsimple, PayPal, Binance, Coinbase, Crypto.com, gained a cumulative 863,000 new Canadian account holders in January alone.

In contrast, the top five national Canadian banks received only 292000 new app downloads in the first month of this year.

Image Source: Kalkine Group @2020

Regulations For Crypto Apps

Going by Google Trends, it is safe to presume Canadians regularly explore the US exchange-listed stocks for investment options. But regulatory rules for crypto exchanges are not the same, exposing investors to fraud risks.

In 2020, the Canadian Securities Administrators (CSA) released an update on cryptocurrency trading, asserting that securities regulation may also apply to digital platforms that offer crypto assets exchange.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.