Kiwis rush to cryptocurrency trading amid Bitcoin surge
Kiwis have shown a growing interest in cryptocurrency trading following a notable surge in Bitcoin prices.
Bitcoin managed to achieve all-time highs on six of the past nine days since the US presidential election, peaking above USD $90,000 on 14 November. This rally has been instrumental in pushing the total market capitalisation of the cryptocurrency market to USD $3 trillion, a valuation last observed in November 2021.
The increased valuation and interest in Bitcoin have been reflected in New Zealand, where trading activity parallels these global trends. Binance New Zealand reported a 49% rise in Bitcoin-specific trades between 4 November and 10 November, compared to the prior week from 28 October to 3 November, among Kiwi users.
Additionally, the total trading volumes across all cryptocurrencies for users in New Zealand surged by 66% over the same period. This indicates not just an interest in Bitcoin but a wider engagement with various digital cryptocurrency assets.
Downloads of the Binance App in New Zealand more than doubled on Tuesday, 12 November, rising by 2.5 times in comparison to the daily average. This reflects the heightened interest and engagement with cryptocurrency platforms in the country.
Globally, Binance recorded significant increases in user engagement, with over 13 million app visits on 6 November, coinciding with Bitcoin's rise and the US presidential election day.
James Quinn-Kumar, Director of Community Engagement at Binance Australia and New Zealand, remarked on this trend by stating, "This surge in Kiwi trading volumes during Bitcoin's recent rally shows that New Zealanders are not only keeping a close eye on global crypto trends but are actively participating. The substantial increase in BTC-specific trades and diversification across other digital assets speaks to a deepening engagement and confidence in the crypto market among Kiwis."
Bitcoin's continued record-setting trajectory has spurred speculation about when it may surpass the USD $100,000 mark. Some analysts predict it could reach this milestone before the end of the year, which would further cement its role as a significant player in global financial markets.
Binance is the blockchain ecosystem and cryptocurrency infrastructure provider with a financial service suite that includes the largest digital asset exchange by volume. The Binance platform is dedicated to increasing the freedom of money for users and features an unmatched portfolio of crypto products and offerings, including: trading and finance, education, data and research, social good, investment and incubation, decentralisation and infrastructure solutions, and more.
Binance New Zealand is a digital currency exchange platform that enables Kiwi customers to easily buy and trade cryptocurrencies. Binance New Zealand offers users deep liquidity and convenient deposit and withdrawal methods while leveraging cutting-edge technology from Binance.com's advanced trading platform.
