Short-term scenario of the cryptocurrency market remains bleak: Reports

ambcrypto.com:

The crypto market incurred one of the worst quarter performances over Q2 of 2022. All major cryptocurrencies fell hard during this period. Bitcoin [BTC] and Ethereum [ETH] headlined the steep decline of the state of the crypto market. The fall in asset prices has also resulted in a change in wealth distribution patterns across investors.

The Boston Consulting Group released a report on the future of crypto exchanges with Bitget and Foresight Ventures. The report attempts to capture the various aspects of crypto trading across the crypto market. Increasing crypto adoption and macro trends have led to a sharp rise in global crypto trading volume.

As per the report, the global centralized exchange volume reached $54 trillion in 2021. Historically speaking, spot trading volume strongly correlates with overall crypto market cap and volatility. The massive increase in volume is further reflects the growing interest in crypto assets. According to Goldman Sachs, cryptocurrencies currently account for roughly 20% of the global “store of value” market. With the emergence of institutional investors, there is a growing demand for hedging and generating yields. The report expects organized players to enter centralized options to support the growing demand. FTX’s acquisition of LedgerX is a signal for the growing trend.

Some regions have posted tremendous numbers for crypto trading in recent times. The Middle East is one lucrative region bolstering crypto growth. The region accounts for 4% of global spot and derivatives trading value in 2021. Israel remains an attractive platform with its “mature financial market”. The report also highlights Turkey, UAE, and Saudi Arabia for their contribution to crypto trading in the region.

Moving over