New Report Details 2022 Trends in the North American Crypto Markets

A new report titled The “North America Blockchain and Cryptocurrency Market 2022” was published by ResearchAndMarkets.com.

The market’s trends and developments are outlined in this report. The article also states that by 2023, there will be a predicted double-digit growth in the number of individuals in the United States who own and use cryptocurrencies.
According to the survey, the Canadian market is not an exception to the trend of the U.S. bitcoin sector growing. However, Canada is catching up, with approximately one in ten consumers having cryptocurrency as of 2021, compared to the global average of consumers who held cryptocurrency, which was a few percentage points greater than Canada. Additionally, among cryptocurrency users, Bitcoin and Ethereum were two of the most popular cryptocurrencies.

Reasons to get into crypto

More than half of cryptocurrency buyers cited the ability to profit even in risky situations as their main motivation for investing, while almost another half cited a desire to support the decentralized financial system ideology and participate in something novel as their top motivations. Furthermore, according to the magazine, a higher percentage of males than women were claimed to have utilized cryptocurrency as of November 2022.

The United States is not an exception to the trend of considerable growth in bitcoin use worldwide. The analysis found that although as of July 2022, over three-quarters of the individuals questioned throughout the U.S. had never traded, invested in, or used cryptocurrencies, the predicted number of adults owning and using cryptocurrency was likely to double by 2023. The interest in owning and investing in cryptocurrencies is greatest among Americans between the ages of 25 and 34. As the cryptocurrency sector grew, the United States saw tougher government laws concerning cryptocurrencies put in place. The Responsible Financial Innovation Act, for instance, was just put into effect in the nation and provides detailed guidelines for the bitcoin market laws.

Crypto Regulation Bill

The Crypto Regulation Bill was also put into effect by the American government as a strict regulatory regulation pertaining to cryptocurrencies. However, the global cryptocurrency market’s collapse in value starting in the spring of 2022 has resulted in a loss of investor confidence and a downturn in asset prices in North America as well. Additionally, H1 2022 saw a slow expansion of investment and finance in the region’s cryptocurrency industry, and experts predict that H2 2022 will continue to bring hurdles for the sector’s investment environment owing to the collapse.

Events affecting crypto in 2022

Cryptocurrency’s demise was hastened by both global economic downturn and inflation in the US economy. Additionally, since June 2022, the cryptocurrency market has been essentially stagnant, showing little signs of expansion. In addition to this, the bankruptcy of FTX and Celsius, a US-based cryptocurrency company, freezing withdrawals also had a role in the collapse of the crypto market.

The report includes answers to the following questions:

• What are the main reasons for people in the U.S. to invest in cryptocurrency?
• What were the top reasons among Canadian adults for not investing in cryptocurrency?
• Which was the most preferred method of making crypto investments among crypto users in Canada?