UK based Revolut, which provides payment and investment products to both retail and business entities, has revealed data that showcases how the COVID-19 lockdown has affected investment in cryptocurrencies. Revolut used the data of 3 million customers and explains how habits have changed with every passing week.
As was the case with all markets, the amount of investment being poured into the cryptocurrency by UK users dropped significantly as the lockdowns came into place in March.
While volumes before and after the lockdown were low, it steadily began to rise as the weeks progressed. The number of users buying cryptocurrencies increased by 68% in the time period between April 20 and May 4 2020. The average amount purchased rose by 57%, while the average amount bought per trade rose by 63%. This was accompanied by higher selling activity as well.
The data also shows that UK customers are willing to shell out more for cryptocurrencies than their European counterparts, and naturally show much higher volumes than the latter as well. The report reads,
From 16th March to 18th May, those in the UK bought an average of £399 per week of cryptocurrency, whereas across Europe as a whole, this sat at £280 - 30% lower. In the UK, the average transaction for buying crypto was £231 during lockdown, a figure which dropped by 27% to £168 across the whole of Europe.
Also of note is the fact the amount of money spent on investment was higher in the 55-64 age group, at $422, compared to the 18-24 age group, which invested on average $133.
The Revolut app allows users to buy Bitcoin (BTC), Ethereum (ETH), XRP, Bitcoin Cash (BCH) and Litecoin (LTC). Bitcoin was the most popular asset in this time period that Revolut analyzed, followed by XRP, Ethereum, Litecoin and Bitcoin Cash.