The data published by the UK financial application Revolut shows that restrictions and limitations related to the coronavirus have affected the number and value of cryptocurrencies transactions made by its users.
You can't buy real cryptocurrencies in Revolut.
Nearly one third of Revolut's 10 million customers traded crypto in the application. It is designed mainly for casual, retail users. In fact, Revolut does not allow the physical purchase of Bitcoin, because it cannot be transferred to an external wallet, or pay with it for goods or services, in places that accept this form of payment. When investing in the Revolut application we only buy cryptocurrency's exposure.
British users returned to trading in April
Due to the March restrictions in the UK, the average transaction value fell by 58%, from $663 to $281. In April, users started trading again, as confidence in the crypto has increased sharply. The average value of purchases made by users at the end of the month increased by 57%. There was also a 68% increase in the number of users trading digital assets. In March, the average value of a single transaction decreased by 52%, before rebounding to 63% in April.
Ripple beat Ethereum
Bitcoin (BTC) was the most popular digital asset in March and April, representing 51% of all Revolut crypto transactions. Ripple (XRP) was ranked second - 20%. The third place was Ethereum (ETH) - 14%. Litecoin (LTC) and Bitcoin Cash (BCH) together represented 16% of all transactions.
From the Revolut data we can also read a strong correlation between the age of the user and the sum of the purchased cryptocurrencies. The average transaction value for people aged 55-64 was USD 423. On the other hand, people aged 18-24 years on average bought cryptocurrencies worth 134 USD.
Trading activity in the UK was about one third higher than in Europe.
Contrast with the United States
The data on UK users presented by Revolut contrasts with the record-breaking March volumes announced by CryptoCompare. The platform pointed to the frenzy of trading activity among specialists and institutions. According to the report, on March 13th, the largest volume in the history of cryptocurrencies was created. All exchanges and markets recorded USD 75.9 billion in digital asset trading at that time. All exchanges and markets then recorded $75.9 billion in digital asset trading within 24 hours.