Pune, India, July 01, 2021 (GLOBE NEWSWIRE) — The worldwide cryptocurrency market size is anticipated to arrive at USD 1,758.0 million by 2027, displaying a CAGR of 11.2% during the estimated time frame. Cryptocurrency is a system of virtual currency exchange that is aimed to eliminate financial intermediaries. The developing tendency of people in created nations towards virtual cash trade strategies will immensely affect the market during the gauge time frame. The joining of blockchain innovation in cryptographic money for quick, secure, and compelling exchanges will reinforce sound development of the market in the impending years, referenced in a report, titled “Cryptocurrency Market Size, Share and COVID-19 Impact Analysis, By Component (Hardware, Software), By Type (Bitcoin, Ether, Litecoin, Ripple, Ether Classic, Others), By End-use (Trading, E-commerce and Retail, Peer-to-Peer Payment, and Remittance), and Regional Forecast, 2021 – 2027 ”, the market size stood at USD 754.0 million in 2021.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Please Visit: https://www.fortunebusinessinsights.com/industry-reports/cryptocurrency-market-100149
Coronavirus has plummeted the growth of the financial market across the globe, including the cryptocurrency market. The level of stability in the digital currency landscape has considerably diminished. The market is attracting investments despite the uncertainty prevailing in the digital currency industry. Digital currencies like Ethereum, Bitcoin, etc., have witnessed inflation in prices despite the pandemic. Firms across several nations have paused their mining operations due to the pandemic. Some countries like Russia have delayed the deployment of cryptocurrency laws due to the pandemic.
Raging Coronavirus to Sway Market Potential
The outbreak of COVID-19 has negatively impacted the global economy. The regression in the stock market has directedly created concerns for the bitcoins. For instance, 12 March 2021, the price of Bitcoin fell below USD 4,000 after a sharp decline in the S&P Index in the U.S. The market crash has incited an increase in investment capital by blockchain companies to compensate for the losses. Giant blockchain analytics, Elliptic, Chainalysis, and CipherTrace declared that they have cut-price and reduced staffs or intend to do so in the immediate future to lessen the economic effects of the coronavirus pandemic. For instance, CipherTrace has decreased the jobs of the advertising and marketing departments. Whereas Elliptic has eliminated 30% of the workers in the U.S. and the U.K and Chainalysis has planned to reduce employees’ wages by 10% to mitigate the risks.
We are taking consistent endeavors to assist your business with supporting and develop during COVID-19 pandemics. In view of our experience and aptitude, we will offer you an effective investigation of Covid episodes across enterprises to assist you with setting up what’s to come.
Request a Sample Copy of Report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/cryptocurrency-market-100149
Based on components, the market bifurcates into software and hardware. Based on type, the market is classified into Ether, Ether Classic, Bitcoin, Ripple, Litecoin, etc. On the basis of its end-user, the market segments into e-commerce and retail, remittance, trading, and peer-to-peer payment. Geographically, the market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
Rising Popularity of Digital Currency to Augment Growth
The rising pattern of cryptocurrency has prompted the acknowledgment of computerized coins like Bitcoins, Litecoins, Ethers, and the sky is the limit from there. The simple and adaptable conditional strategy offered by cryptographic money has encouraged the Central Bank Digital Currency (CBDC) movement arrangements across the world. For example, the Bank of Thailand and the Central Bank of Uruguay have applied for the tool stash to its CBDC assessment measure. The toolbox conveys a guide for the nations to gain ground rapidly and break down CBDC as a trade medium.
Moreover, the expanding interest in blockchain and cryptographic money by significant organizations will empower the rapid development of the market. For example, in October 2021, Qtum Chain Foundation, a publicly released blockchain application stage situated in Singapore reported an association with Amazon Web Services (AWS) China to convey blockchain frameworks on the AWS cloud. The organization will permit help AWS clients to utilize Amazon Machine Images (AMI) to create and distribute shrewd agreements effectively and productively.
Likewise, the presentation of exceptional advanced monetary standards by prominent organizations will impact the market decidedly soon. For example, in June 2021, Facebook, Inc. declared the dispatch of advanced money named Libra. Libra will empower clients to purchase things or send cash to other people and money out Libra on the web or at basic food item shops.
Existential Players to Promote Growth in North America
The market in North America remained at USD 250.9 million out of 2021 and is anticipated to multiply in the approaching years. The development in the district is credited to the rising fame of bitcoins in the US. The presence of major famous players will cultivate development in the locale during the conjecture time frame. The Asia Pacific is required to observe critical development during the figure time frame attributable to the innovative turns of events and acknowledgment of virtual money in Japan. The developing joint efforts among central members will fundamentally support the digital money market development in the Asia Pacific. For example, in January 2021, Z Corporation, Inc. also, TaoTao, Inc. declared a joint endeavor with the monetary help office to grow its essence by affirming administrative consistency in the Japanese market.
Speak To Our Analyst: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/cryptocurrency-market-100149
Acquisitions and New Product Launches to Intensify Market Growth
The global market consists of several key players operating at regional and global levels. These giants focus on enhancing their platforms by acquisitions, partnerships, and expanding their digital infrastructures. For instance, Binance.com introduced the ‘binance cloud’ to offer digital asset exchange with security and liquidity in February 2019.
- April 2020: Bitcoin.com announced a partnership with the Bit Mining company to expand its services across Japan.
- November 2019: Binance.com acquired WazirX. The acquisition has enabled the adoption and production of new financial technologies to simplify access to cryptocurrency.
Key Players in the Global Cryptocurrency Market are:
- BitGo Inc. (U.S.)
- Binance, com (Malta)
- Bitfury Group Limited (The Netherlands)
- Coinbase (U.S.)
- Coindesk.com (U.S.)
- Intel Corporation (U.S.)
- Ripple Labs Inc. (U.S.)
- Xilinx (U.S.)
- Bitmain Technologies Ltd. (Saint Bitts LLC) (China)
Quick Buy- Cryptocurrency Market Research Report: https://www.fortunebusinessinsights.com/checkout-page/100149
Major Table of Contents:
- Definition, By Segment
- Research Approach
- Executive Summary
- Market Dynamics
- Drivers, Restraints, and Opportunities
- Emerging Trends
- Key Insights
- Macro and Micro Economic Indicators
- Consolidated SWOT Analysis of Key Players
- COVID-19 Impact Analysis
- Global Cryptocurrency Market Analysis, Insights and Forecast, 2016 – 2027
- Key Findings / Summary
- Market Size Estimates and Forecasts
- By Component (Value)
- Others (Paper Wallet, Web Wallet, etc.)
- Mining Software
- Exchanges Software
- Others (Vaults, Encryption, etc.)
- By Type (Value)
- Ether Classic
- Others (Dogecoin, Moneor, Dash, etc.)
- By End-use (Value)
- E-commerce and Retail
- Peer-to-Peer Payment
- By Region (Value)
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
- By Component (Value)
Ask for Customization of this Report: https://www.fortunebusinessinsights.com/enquiry/customization/cryptocurrency-market-100149
Have a Look at Related Research Insights:
Blockchain Market Size, Share & COVID-19 Impact Analysis, By Component (Platform/Solution and Blockchain-as-a-Service (BaaS)), By Blockchain Type (Public, Private, and Consortium), By Deployment (Proof of Concept, Pilot, and Production), By Application (Digital Identity, Payments, Smart Contract, and Others), By Industry (BFSI, Energy & Utilities, Government, Healthcare and Life Sciences, Manufacturing, Telecom), and Regional Forecast, 2020-2027
Fiber Optics Market Size, Share & Industry Analysis, By Component (Hardware, Software, Services), By Application (Telecommunication, Smart Cities, Power Utilities, Aerospace and Defense, Industrial Automation and Control, Renewable Energy, Others), and Regional Forecast, 2020-2027
Facial Recognition Market Size, Share & Covid-19 Impact Analysis, By Component (Solutions, Services), By Technology (2D Facial Recognition, 3D Facial Recognition, Thermal Face Recognition, Skin Texture Analysis, and Others, By Application (Face Identification, Access Control, Security & Surveillance, and Others, By End-user (BFSI, Healthcare, Government & Defense, IT & Telecom, Retail & ecommerce), and Regional Forecast, 2020-2027
Cloud Based Contact Center Market Size, Share & COVID-19 Impact Analysis, By Component (Solutions and Services), By Deployment (Public, Private, and Hybrid), By Organization Size (Large Organizations, Small and Medium-Sized Organizations), By Vertical (Banking, Financial Services, and Insurance, ITES, IT and Telecom, Government, Healthcare, Consumer Goods and Retail, Travel and Hospitality) and Regional Forecast, 2020-2027
Artificial Intelligence Market Size, Share & COVID-19 Impact Analysis, By Component (Hardware, Software, and Services), By Technology (Computer Vision, Machine Learning, Natural Language Processing, and Others), By Deployment (Cloud, On-premises), By Industry (Healthcare, Retail, IT & Telecom, BFSI, Automotive, Advertising & Media, Manufacturing, and Others) and Regional Forecast, 2020-2027
Fortune Business Insights™ delivers accurate data and innovative corporate analysis, helping organizations of all sizes make appropriate decisions. We tailor novel solutions for our clients, assisting them to address various challenges distinct to their businesses. We aim to empower them with holistic market intelligence, providing a granular overview of the market they are operating in.
Fortune Business Insights™ Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune – 411045, Maharashtra, India.
US: +1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Read Press Release: https://www.fortunebusinessinsights.com/press-release/cryptocurrency-market-9952