The U.S. stands out as the predominant top performer in terms of the absolute number of crypto users on centralized exchanges, with a market share higher than 9%, states a recent research.

What Happened: According to the Huobi Global Report 2022-2023, the traffic rate for centralized exchanges and the DeFi sector in the U.S. is 9.2% and 31.8%, respectively. This amounts to over 46 million crypto users in the U.S., which is 13.7% of its population.

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Analysis of CEX transactions revealed that Bitcoin BTC/USD is the most sought-after cryptocurrency, followed by Ethereum ETH/USD, Dogecoin DOGE/USD and Cardano ADA/USD among others.

Why It Matters: The U.S. has the highest Bitcoin trading volume at $1.5 billion.

“The number also explains why there has often been a strong correlation between price volatility in crypto markets and the US financial markets in recent years,” the report noted.

The younger generation is the primary demographic in the U.S. crypto market. The report suggests that adults aged 18 to 34 make up 56% of the total crypto users, according to a Finder survey.

Compared to the more conservative, middle-aged and older generations who traditionally invest in stocks and bonds, the younger generation appears to be more open to taking risks and investing in cryptocurrencies due to the promise of high returns, resulting in an increase in crypto market adoption.

Price Action: At the time of writing, Bitcoin was trading at $16,947, down 1.30% in the past 24 hours, according to Benzinga Pro data.

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A recent survey of 1,000 Singapore citizens conducted by Australia’s consumer insight provider Toluna has revealed some interesting facts about crypto adoption in the country. Singapore is considered a pro-crypto nation, and this survey only reinforces that revealing how pro-crypto regulations can impact crypto adoption. As per the survey, 93% of the country’s population have heard of cryptocurrencies while 43% of the total population own crypto.

A 43% crypto ownership is quite huge given countries like the USA only have a 6% ownership rate. The high crypto adoption rate is even higher among the younger population between the age group of 26-45 years. Singapore’s DBS bank has launched Asia’s first crypto fund in May.

The report said,

“As a key financial hub in Asia, Singapore has a high level of cross-border transactions, which means digital currency provides a real use case and potential benefits for its economy. This regulatory acceptance coupled with Singapore’s reputation as ASEAN’s fintech hub will make it a haven for cryptocurrency exchanges and startups over the next few years,”

The Payment Services Act, 2019 that came into effect in January this year made it mandatory for crypto exchanges to operate after acquiring a license from Singapore’s regulatory head Monetary Authority of Singapore. The regulations ensured that traders are safer against potential scam platforms.

Ethereum Twice as Popular Among Younger Generations

The survey revealed Ethereum, the second-largest crypto by market cap was twice as popular among the younger age group of 18-25 years of age. Bitcoin remained the top choice of participants in the survey. 74% of the people holding crypto made a profit on their investment, while 21% said they were going to invest in it but opted against it due to Covid related uncertainties.

Singapore has become a crypto hub in the Asian market because of its regulations, making it easier for crypto service providers to adhere to. The government support ensures protection for both, the investors as well as the crypto exchange. Singapore’s pro-crypto approach has a bullish impact on crypto adoption as visible from the survey. 2021 has proven to be a great year for crypto adoption in general with several crypto companies making their public debut.