Crypto trader Binance ranked among the largest cryptocurrency exchangers in the world in 2024, with trading volume that was about four times as high as Bybit or OKX. It should be noted that these figures are separate from platforms Binance.US, Binance TR, or Binance.KR. The platform from the Cayman Islands faced investigations from the U.S. SEC, which came to a head in November 2023. Binance did not rank as the most used cryptocurrency exchanges used by consumers in the United States. Binance's settlement with the U.S. In November 2023, Binance agreed to pay a four billion U.S. dollar settlement with United States agencies — one of the biggest corporate fines in U.S. history. The U.S. Department of Justice investigated the platform for years for failure to prevent money laundering and growing crypto theft. The company's founder and CEO Changpeng Zhao pleaded guilty to the charges, agreeing to step down. Zhao would remain as the company's majority shareholder. The U.S. Treasury announced Binance will be subject to five years of monitoring and “significant compliance undertakings, including to ensure Binance’s complete exit from the United States.” Mixed signals from crypto companies The Binance settlement occurred in a month when overall crypto trading volume recorded its highest numbers for all of 2023. One of the main causes is the sudden popularity of FTT, a token released by FTX — the company founded by Sam Bankman-Fried. The developments surrounding Binance caused investors to move away from Binance's stablecoin BNB to the stablecoin from FTX. Earlier in November 2023, however, Coinbase saw its shares fall after announcing its quarterly performance figures.

Crypto 24h trading volume declined as 2023 progressed, with figures being ********* lower than in 2022. The decline follows Binance - one of the biggest crypto exchanges in the world - received lawsuits in the United States. Observations are also that the crypto market was quiet after April, citing a lack of a "strong overarching narrative". This contrasts with 2021 and 2022 when cryptocurrency dominated the news and many people sought fortune in the digital currency. Bitcoin developments Bitcoin's trade volume slowed in the second quarter of 2023, after hitting a noticeable growth at the beginning of the year. The coin outperformed most of the market. Some attribute this to the announcement in June 2023 that BlackRock filed for a Bitcoin ETF. This iShares Bitcoin Trust was to use Coinbase Custody as its custodian. Regulators in the United States had not yet approved any applications for spot ETFs on Bitcoin. Changes in Ethereum staking in 2023 Ethereum's trade volume changed in 2023 due to the rollout of the Shapella (Shanghai and Cappella) upgrade. The update allowed investors to withdraw (unstake) Ethereum deposited into the network. Staking can be somewhat compared to depositing money at a bank, where one would submit money to be held and gains interest as time goes by. Lido has the highest staking pool (a platform that allows for staking) in Ethereum, higher than major crypto exchanges Coinbase and Kraken. As of August 21, 2025, the 24h trading volume stands at ******.

A United States consumer survey suggests that Coinbase was more popular for crypto trading in 2023 than Robinhood and Crypto.com combined. More than *** out of 10 U.S. crypto owners indicated in February 2023 they used Coinbase as a platform. This is similar to information on which crypto wallets are popular in the United States, where Coinbase also ranked as a popular platform based on daily active users. The source of this particular ranking, however, did not ask additional questions on how these platforms are used, such as for buying or selling, or only for cryptocurrency storage.

As of September 2025, CoinW was the largest South Korean cryptocurrency exchange with a 24-hour trading volume of around **** billion U.S. dollars. BitMart and Tapbit followed with around **** billion and **** billion dollars, respectively. The Korean cryptocurrency market has grown extensively over the past few years, then the market capitalization and transaction amount began to decrease in 2022.

Snapshot img

Cryptocurrency Market Size 2025-2029

The cryptocurrency market size is valued to increase USD 39.75 billion, at a CAGR of 16.7% from 2024 to 2029. Rising investment in digital assets will drive the cryptocurrency market.

Major Market Trends & Insights

North America dominated the market and accounted for a 48% growth during the forecast period.
By Type - Bitcoin segment was valued at USD 7.57 billion in 2023
By Component - Hardware segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 313.81 billion
Market Future Opportunities: USD 39749.40 billion
CAGR from 2024 to 2029 : 16.7%

Market Summary

The market represents a dynamic and rapidly evolving ecosystem, driven by core technologies such as blockchain and decentralized finance (DeFi), which have fueled the creation and adoption of various applications and service types. Notably, digital assets have gained increasing acceptance in the retail sector, with major companies like Microsoft, Starbucks, and Tesla integrating cryptocurrencies into their payment systems. However, the market is not without challenges, including the volatility of cryptocurrency values, which can impact investor confidence and regulatory uncertainty. According to Statista, the number of cryptocurrency users worldwide is projected to reach 223 million by 2022, underscoring the growing importance of this market.
Rising investment in digital assets and the potential for new use cases continue to present significant opportunities for innovation and growth.

What will be the Size of the Cryptocurrency Market during the forecast period?

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How is the Cryptocurrency Market Segmented ?

The cryptocurrency industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Bitcoin
  Ethereum
  Others
  Ripple
  Bitcoin Cash
  Cardano


Component

  Hardware
  Software


Process

  Mining
  Transaction
  Mining
  Transaction


End-Use

  Trading
  E-commerce and Retail
  Peer-to-Peer Payment
  Remittance


Geography

  North America

    US
    Canada


  Europe

    Germany
    Italy
    Switzerland
    The Netherlands
    UK


  APAC

    China
    Japan


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The bitcoin segment is estimated to witness significant growth during the forecast period.

Bitcoin, the world's largest cryptocurrency with a market capitalization of over USD470 billion, is a decentralized digital currency that operates on a peer-to-peer (P2P) network, bypassing the need for central authorities. Bitcoin's popularity is driven by its use of blockchain technology, which ensures secure, transparent, and immutable transactions through digital signatures and cryptographic hashing. The Bitcoin network faces scalability challenges, requiring ongoing improvements to transaction throughput and mining difficulty to maintain network security. KYC procedures and AML regulations are crucial for regulatory compliance, with exchange protocols implementing strict identity verification processes. Bitcoin's value is influenced by cryptocurrency volatility, with mining pools and consensus mechanisms like Proof of Work and Proof of Stake contributing to the creation and distribution of new coins.

Wallet security is paramount, with hardware wallets and cold storage providing enhanced security compared to software wallets. Decentralized exchanges and smart contracts, enabled by the Ethereum blockchain and public key cryptography, offer privacy protocols and zero-knowledge proofs to ensure secure transactions. The market is continually evolving, with ongoing activities and patterns shaping the landscape. Approximately 8% of Americans engage in cryptocurrency trading, with stablecoins like Tether, USD Coin, Binance USD, and DAI playing a significant role in the market. Despite its volatility, Bitcoin's impact on finance and technology is undeniable.

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The Bitcoin segment was valued at USD 7.57 billion in 2019 and showed a gradual increase during the forecast period.

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Regional Analysis

North America is estimated to contribute 48% to the growth of the global market during the forecast period.Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.

See How Cryptocurrency Market Demand is Rising in North America Request Free Sample

The market in North America is experiencing significant growth, driven by the presence of numerous market participants and innovative technological advancements in the region. The burgeoning demand for digital

The most popular Ethereum trade in June 2024 involved the pair Ethereum/Tether pair on Binance, making up nearly **** percent of total *** trade volume. Trades involving Ethereum and Tether were also frequent on other exchanges, such as FMFW.io, HitBTC, and Coinsbit. Among the biggest cryptocurrency exchanges in the world, Ethereum was traded relatively frequently on Binance — having multiple entries in this list, with the ETH/BUSD and ETH/BTC pairs — whereas no trades were observed for a platform like Mandala Exchange.

Out of five trading platforms used in the United Kingdom for buying Bitcoin in 2020, one was significantly more popular than the others. More than *** out of 10 respondents said they used U.S. platform Coinbase for these means. Indeed, the source mentions that online exchanges based in the United Kingdom are rarely used. The United Kingdom ranks as one of the countries with the most Bitcoin trading in the world in 2020. Bitcoin transactions from the UK grew steadily during 2020, as the cryptocurrency's price gathered pace, but did were not nearly as high as in late 2017.

View daily updates and historical trends for Bitcoin Transactions Per Day. Source: Blockchain.com. Track economic data with YCharts analytics.

The global user base of cryptocurrencies increased by nearly *** percent between 2018 and 2020, only to accelerate further in 2022. This is according to calculations from various sources, based on information from trading platforms and on-chain wallets. Increasing demographics might initially be attributed to a rise in the number of accounts and improvements in identification. In 2021, however, crypto adoption continued as companies like Tesla and Mastercard announced their interest in cryptocurrency. Consumers in Africa, Asia, and South America were most likely to be owners of cryptocurrencies, such as Bitcoin, in 2022. How many of these users have Bitcoin? User figures for individual cryptocurrencies are unavailable. Bitcoin, for instance, was created not to be tracked by banks and governments. What comes closest is the trading volume of Bitcoin against domestic fiat currencies. The source assumed, however, that UK residents were the most likely to make Bitcoin transactions with British pounds. This assumption might not be accurate for popular fiat currencies worldwide. Moreover, coins such as Tether or Binance Coin - referred to as "stablecoins"—are" often used to buy and sell Bitcoin. Those coins were not included in that particular statistic. Wallet usage declined Total crypto wallet downloads were significantly lower in 2022 than in 2021. The number of downloads of Coinbase, Blockchain.com, and MetaMask, among others, declined as the market hit a "crypto winter" over the year. The crypto market also suffered bad press when FTX, one of the largest crypto exchanges based on market share, collapsed in November 2022. Binance, on the other hand, regained some of the market share it had lost between September and October 2022, growing by *** percentage points in November. As of 2025, the highest forecast for the global user base of cryptocurrencies is projected to reach *** million.

The Litecoin (LTC) trading market, while smaller than Bitcoin's, exhibits significant growth potential. Analyzing the provided data (assuming a market size of, for example, $10 billion in 2025 and a CAGR of 15% – figures commonly observed in the cryptocurrency space), we project substantial expansion over the forecast period (2025-2033). Key drivers include the increasing adoption of cryptocurrencies as an alternative investment asset, the relatively low transaction fees compared to Bitcoin, and Litecoin's established presence within the broader cryptocurrency ecosystem. Emerging trends like decentralized finance (DeFi) and the growing integration of cryptocurrencies into traditional financial services further bolster the market's outlook. However, regulatory uncertainty remains a significant restraint, along with the inherent volatility of the cryptocurrency market and competition from other altcoins. Segment-wise, we can anticipate robust growth in both institutional and retail trading, with the former gaining traction as regulatory clarity improves and institutional investors become more comfortable with crypto assets. Major players like Binance, Coinbase (not explicitly listed but a significant player), and others mentioned will likely continue to dominate the market, although new entrants and innovative trading platforms could disrupt the landscape. Regional data would show variations, with regions having higher cryptocurrency adoption rates generally exhibiting larger market shares. The projection for the Litecoin trading market suggests a compound annual growth rate (CAGR) that, given the inherent volatility of cryptocurrencies, is likely to fluctuate year-on-year. However, a sustained period of growth is expected, driven by factors like increased institutional investment, the expanding utility of Litecoin within the DeFi space, and mainstream acceptance of cryptocurrencies. The market will also see increasing competition amongst exchanges, likely resulting in tighter margins and a push towards innovation in trading services. Geopolitical factors and regulatory changes across different jurisdictions will also significantly impact regional market shares, potentially leading to shifts in trading volume and market dominance. The long-term outlook for Litecoin trading hinges on the overall maturation of the cryptocurrency market and its broader integration into the global financial system.

At the end of July 2025, the Ethereum cryptocurrency had been processed nearly ** million times on-chain that month. This was about ***** times that of the more commonly known rival Bitcoin, which saw a total of **** million transactions that month. Other leading cryptocurrencies also saw significantly less transaction activity. What kind of transactions were these? Cryptocurrencies are digital currencies which owe their credibility to their technology rather than a central bank. Many of the transactions in this statistic involve cryptocurrency exchanges which exchange these coins for other currencies, including traditional currencies such as U.S. dollars or euros. In selected countries, Bitcoin ATMs also dispense the local currency in exchange for Bitcoin. However, few retailers accept that or any other cryptocurrency on a large scale. Cryptocurrency as an investment Many cryptocurrency enthusiasts point to the high market capitalization of their favorite cryptocurrencies. Moreover, the currency price is an important factor. The price volatility of Bitcoin and others attracts investors, hoping to buy low and sell high.

How to Maximize Your Crypto Trading Rewards in 2025 with WEEX Referral Code: TOPTOP

In the fast-evolving world of cryptocurrency, choosing the right exchange can make a massive difference in your success. With new platforms launching every month, traders are constantly searching for secure, rewarding, and cost-effective options. One exchange that's making waves in 2025 is WEEX — a rapidly growing crypto trading platform offering users generous bonuses and competitive fee structures.

At the center of WEEX’s promotional system is the referral code TOPTOP, a code that unlocks significant benefits for new users, including up to 30,000 USDT in bonuses and a 50% trading fee discount. In this guide, we’ll break down exactly how the WEEX referral system works, how you can use the code TOPTOP effectively, and how to make the most out of your crypto trading journey with WEEX in 2025.

👉 Register your WEEX account now using code TOPTOP and claim your exclusive bonus

1. Introduction to WEEX: The Exchange Designed for Traders

WEEX (Worldwide Exchange) is a modern cryptocurrency exchange designed with a focus on security, speed, and simplicity. Unlike traditional exchanges that often cater only to advanced traders or have outdated interfaces, WEEX provides a seamless experience whether you’re trading your first USDT or managing a professional portfolio.

Why WEEX Is Standing Out in 2025:

• User-Centered Design: From easy registration to intuitive charting tools.
  
  

• Ultra-Low Fees: With referral codes like TOPTOP, users save 50% on fees.
  
  

• Security First: Cold wallets, multi-sig security, and full transparency.
  
  

• Global Reach: Supporting users across Asia, Europe, Africa, and Latin America.
  
  

• Ongoing Promotions: Regular trading competitions, rebates, and seasonal bonuses.
  
  

2. What Is the WEEX Referral Code TOPTOP?

The WEEX referral code TOPTOP is an exclusive invitation code that new users can apply during account creation. When used correctly, this code automatically applies a multi-tiered welcome bonus, giving users the chance to claim up to 30,000 USDT in rewards, along with a 50% discount on trading fees.

Using this code during sign-up ensures:

• ✅ You get the maximum bonus tier available
  
  

• ✅ Your trading fees are halved right from the start
  
  

• ✅ You qualify for future bonus campaigns
  
  

👉 Don’t forget: Use this official link to pre-fill the referral code TOPTOP when creating your account.

3. How the WEEX Referral System Works

Unlike many exchanges where referral codes are confusing or ineffective, WEEX’s system is designed to be straightforward and reward-focused. Here's how it works:

Step-by-Step Breakdown:

1. Sign Up using the referral link (TOPTOP code is pre-filled).
   
   

2. Complete KYC to unlock full features.
   
   

3. Start Trading — bonuses activate based on your volume.
   
   

4. Earn up to 30,000 USDT in trading rewards, paid in bonus tiers.
   
   

5. Enjoy 50% Off Fees on every trade made after signup.
   
   

4. WEEX Welcome Bonus: What You Can Expect with TOPTOP

When you sign up using the referral code TOPTOP, you become eligible for one of the most generous onboarding packages in crypto. Here's how it's structured:

🎁 Tiered Bonus System (Up to 30,000 USDT)

• Deposit-Based Rewards: Higher initial deposits unlock bigger bonuses.
  
  

• Trading Volume Bonuses: Your cumulative trades help you move up bonus tiers.
  
  

• Milestone Unlocks: Reach specific goals and get instant bonus credits.
  
  

This isn’t a “lucky draw” or lottery. Every action you take builds toward tangible rewards.

💰 50% Trading Fee Discount

• Standard trading fees are reduced by half
  
  

• Applies across spot and futures markets
  
  

• Stacks with promotional rebates and trading contests
  
  

5. How to Use the WEEX Invite Code TOPTOP

Using the code is easy, but timing is crucial — it must be entered during your initial registration.

🚀 Sign-Up Instructions:

1. Go to the official registration link here:
   👉 https://support.weex.com/en/register?vipCode=toptop
   
   

2. Enter your email or mobile number
   
   

3. Create a strong password
   
   

4. Confirm that “TOPTOP” appears in the referral code field
   
   

5. Complete the sign-up and KYC process
   
   

6. Start trading to unlock your bonuses
   
   

⛔ IMPORTANT: If you forget to use the code at signup, you won’t be able to claim the bonus retroactively.

6. Is the WEEX Referral Code TOPTOP Legit?

Yes. The TOPTOP invite code is:

• ✅ Officially authorized by WEEX
  
  

• ✅ Valid in all supported countries
  
  

• ✅ Updated and monitored for accuracy
  
  

• ✅ Backed by WEEX’s customer service
  
  

Many users look for referral codes online, only to find expired or fake ones. Using the official TOPTOP code ensures full eligibility for bonuses.

7. WEEX vs Other Crypto Exchanges: Why It Wins

Let’s compare WEEX to some of the most popular platforms:

WEEX outperforms many of its competitors, especially in bonuses and fee savings.

8. Extra WEEX Promotions & Earning Opportunities

Besides the welcome bonus, WEEX regularly offers:

• Weekly Trading Competitions
  
  

• Airdrops & Campaigns
  
  

• Fee Rebates for High-Volume Traders
  
  

• Referral Commission for Inviting Friends
  
  

Every registered user gets access to the “Reward Center”, where they can track their bonus progress and earn additional perks.

9. Tips to Maximize Your WEEX Referral Rewards

To make the most out of your TOPTOP code, keep these best practices in mind:

📌 Tip 1: Trade Early and Often

Trading volume is the fastest way to unlock bonus milestones.

📌 Tip 2: Invite Friends

Share your referral link and earn commission on every friend’s trading activity.

📌 Tip 3: Join Weekly Contests

These often include mystery boxes, cash prizes, and zero-fee trading days.

📌 Tip 4: Use the App

Mobile app users get access to exclusive in-app promotions and alerts.

10. Who Should Use WEEX + TOPTOP Code?

• Beginners: Looking for a risk-reduced way to start trading
  
  

• Frequent Traders: Want to slash their trading fees by 50%
  
  

• Crypto Affiliates: Looking to invite others and earn passive income
  
  

• International Traders: Seeking a reliable exchange with global

Interest in Bitcoin and cryptocurrencies in 2020 was seemingly higher in Africa and Latin America than some of the world's developed economies. This shows after analyzing Bitcoin trading volume against domestic currencies used for the transaction of the digital coin. In 2020, roughly *** million U.S. dollars worth of Russian rubles were used to buy Bitcoin on an exchange, against *** million U.S. dollars worth of Nigerian naira. The source assumes the currencies are mainly used by the domestic population - e.g., transactions made with British pounds are likely done by UK residents -, and makes the same assumption for the United States, despite the international appeal of the U.S. dollar on foreign exchange markets. Africa and Latin America lead the way Although the source does not mention all countries in Africa and Latin America, the few entries these regions do have in the list stand out. Bitcoin trading volume in Nigeria, for instance, was twice as high as that of the eurozone in 2020. Colombia's market size was twice that of Canada. Whether this interest is for actual payment use on a day-to-day basis or as a tool for investment is not really clear. Data from Statista's Global Consumer Survey on payment methods in Egypt reveals that * percent of Egyptians either owned or used Bitcoin, but does not specify the exact use or purpose of the cryptocurrency. Bitcoin: the "Renaissance" Believed by some to fade into obscurity after hitting the news in 2017 and price declines that followed afterward, the world's most well-known cryptocurrency witnessed a "rebirth" at the end of 2020: Within five days in January 2021, the price of Bitcoin soared from ****** U.S. dollars to ****** U.S. dollars. Bitcoin's market cap - calculated by multiplying the total number of Bitcoins in circulation against its price - grew as well, more than doubling in early January 2021 against November 2020.

Grayscale's Bitcoin ETF had a value that about ** percent lower than iShares Bitcoin Trust, but higher than other ETFs from across the world. This is according to a custom ranking on exchange trade funds filed in different countries. Grayscale's Bitcoin ETF first arrived in 2013, available only in OTC markets. It converted into an exchange trade fund in January 2024 when the SEC approved Bitcoin ETFs on the NYSE and the NASDAQ. BlackRock's fund did not exist yet. Bitcoin trading volume increased noticeably this month, as investors tried to sell their holdings and cash in on the built-up hype surrounding the new investment vehicles.

NFT marketplace OpenSea had a trading volume in October 2023 that was over ****** U.S. dollars higher than competitor Blur, a relatively new entry in NFT trading. This according to a ranking that compares different platforms where people can buy NFTs. These so-called "marketplaces" function rather differently from each other, though. Axie Infinity, NBA Top Shot, and Decentraland, for instance, are examples of popular NFT games that either rely on collectibles or on metaverses. OpenSea and Sushiswap, on the other hand, function more like decentralized exchanges, where people can go and buy either NFT or crypto. Finally, CryptoPunks and Solanart are platforms that specialize in crypto art - NFTs with unique pictures or artwork. Art was one of the most popular categories for NFTs.

Bitcoin's transaction volume was at its highest in December 2023, when the network processed over ******* coins on the same day. Bitcoin generally has a higher transaction activity than other cryptocurrencies, except Ethereum. This cryptocurrency is often processed more than *********** times per day. Note that the transaction volume here refers to transactions registered within the Bitcoin blockchain. It should not be confused with Bitcoin's 24-hour trade volume, a metric associated with crypto exchanges. The more Bitcoin transactions, the more it is used in B2C payments? A Bitcoin transaction recorded in the blockchain can be any transaction, including B2C but also P2P. While it is possible to see in the blockchain which address sent Bitcoin to whom, details on who this person is and where they are from are typically missing. Bitcoin was designed to go against monetary authorities and prides itself on being anonymous. An important argument against Bitcoin replacing cash or cards in payments is that the cryptocurrency was not allowed for such a task: Bitcoin ranks among the slowest cryptocurrencies in terms of transaction speed. Are cryptocurrencies taking over payments? Cryptocurrency payments are set to grow at a CAGR of nearly ** percent between 2022 and 2029, although the market is relatively small. The forecast is according to a market estimate made in early 2023, based on various conditions and sources available at that time. Research across ** countries during the same time suggested that the market share of cryptocurrency in e-commerce transactions was "less than *** percent" in all surveyed countries, with predictions being this would not change in the future.

In 2023, Argentina was close to reaching the top 10 of the world when it comes to crypto adoption based on transaction volume. This is according to estimates based on web traffic toward individual websites that are used to perform cryptocurrency transactions. A significant stand-out for Argentina, when compared to countries like Brazil or Mexico, is the importance of P2P exchanges. The South American country is known to receive millions worth of remittances and industry experts believe this practice impacts the use of crypto in Argentina.

Brazil's ranking in the world when it comes to crypto adoption based on transaction volume went down by ****places between **** and 2023. Positioned well into the top 10 countries in the world in 2023, Brazil was estimated to be the number ***** country for crypto transactions in both centralized and decentralized - such as Decentralized Finance (DeFi) - services. Brazilians used crypto noticeably more for P2P exchange, ranking at position ** out of 146 in the world in 2023.

BlackRock's Bitcoin ETF received around 15 billion dollars' worth of investment inflow since January 2024, whereas Grayscale lost 16 billion. This is according to a day-to-day investment flow timeline involving 10 of the 11 Bitcoin ETFs that got approved by the U.S. Securities and Exchange Commission in early 2024. The highest inflow towards these ETFs occurred in March, coinciding with the Bitcoin price's all-time high and a general increase in Bitcoin trading volume. Note that the figures here do not cover all Bitcoin ETFs found throughout the world. That said, the United States investment vehicles tend to be the largest and most impactful ones. In June 2025, Hong Kong’s Securities and Futures Commission (SFC) approved three ETFs, but their potential impact is not yet clear - if only because mainland China does not allow for crypto trading after the country banned crypto mining in 2021.

The arrest of FTX founder and former CEO Sam Bankman-Fried in the Bahamas in December 2022 - over charges of conspiracy and defrauding investors - made headlines worldwide. Less than a year before that, and before the crypto market suffered a two trillion-dollar crash, Bankman-Fried was the second richest crypto billionaire on the planet, with a fortune of 24 billion U.S. dollars.

Binance: clinging to top, bouncing between legal issues and coin drops
Binance founder and CEO Changpeng Zhao was the richest crypto boss before and after the market crash - and was also the one who suffered the highest losses. The world's leading crypto exchange by trading volume, Binance is reportedly being investigated by the U.S. Department of Justice over alleged money laundering violations. In December 2022, Binance temporarily halted withdrawals of Stablecoin USDC - a digital stablecoin pegged to the U.S. dollar. This came after the crypto exchange witnessed a flurry of withdrawals amounting to a total of 1.9 billion dollars in 24 hours, and as it tried to reassure investors about the security of their holdings.

The crypto crash: a domino effect fueled by global uncertainty
Digital currencies lost two trillion dollars in value following their peak of three billion in November 2021, due to a combination of growing interest rates and inflation which drove investors to pull back from deemed risky assets. Bitcoin saw its value fall by more than half since its late 2021 peak, which in turn caused the whole crypto market to collapse. The subsequent downfall of FTX also contributed to wreaking havoc on the market.