Bitget Research provided a report on adopting cryptocurrencies in the Middle East region.

According to a study received by Coin Insider Daily, in 2024, an average of 500,000 crypto traders are active in the Middle East, 166% more than last year. The number of traders is anticipated to reach 700,000 by the end of the year.

The growth is attributed to favorable local cryptocurrency regulations, approval of Bitcoin (BTC) ETFs, and the growing appeal of digital assets amid a market rally. The UAE leads the region in implementing cryptocurrencies, as 72% of local users invest in Bitcoin.

“Users in the UAE have also expressed the highest willingness to invest in BTC and ETH, BTC being referred to as “digital gold” by UAE users.”

Bitget Research

Additionally, Middle Eastern countries rely heavily on centralized global exchanges. Local exchange platforms such as Rain and M2 are not in the top 10 in terms of absolute traffic due to the lower variety and liquidity of tradable assets on local exchanges compared to global exchanges and the convenience of deposit and withdrawal channels in local currencies.

Notably, the Middle East caused a sharp collapse in the cryptocurrency market in mid-April. Against the backdrop of the worsening situation in the Middle East, all cryptocurrencies sharply sank in price between April 13 and April 14.

Bitcoin fell by about 10% in just two hours, dropping to the $60,000 range. At the same time, dominance increased sharply, and most altcoins sank much more.