The lack of transparency in the current monetary system, increasing digitization across several industries, easy accessibility, and increasing penetration of high-speed internet drive usage of cryptocurrencies

Covid-19 impact on Cryptocurrency Exchange Market:

Covid 19 pandemic broke out in 2019. Ever since WHO declared 'Pandemic,' it has created disruptions in almost all markets. Remote working, supply chain disruptions, and lockdowns were phenomena produced by this pandemic.

It’s being expected that by 2032, the Cryptocurrency Exchanges market cap will hit US$ 135.7 Bn at a CAGR growth of about 14%. 

Centralized Cryptocurrency Exchanges Segment Poised for Rapid Market Growth

Centralized cryptocurrency exchanges are similar to stock exchanges. The sellers and buyers come together, and the cryptocurrency exchange plays the role of a middle-man. A decentralized cryptocurrency exchange does not rely on a middle-man to hold funds. It's an online marketplace where buyers and sellers can meet and do business. The benefits of both centralized and decentralized cryptocurrency exchanges are combined in a hybrid cryptocurrency exchange. A hybrid cryptocurrency exchange aims to provide the functionality and liquidity of a centralized exchange along with the privacy and security of a decentralized exchange.

Ethereum Held The Largest Market Share

The cryptocurrency exchange market is segmented into Cryptocurrency, Ethereum, Cardano, Solana, and others based on cryptocurrency type. Their various types of cryptocurrencies and based on which is being traded, cryptocurrencies exchange can be segmented. Ethereum is the largest invested crytpocurrency across the world leading for largest market share in global cryptocurrency exchange market.

APAC Projected for Highest Market Growth

Asia-Pacific led the cryptocurrency exchange market in 2020, and it is projected to continue to do so over the forecast period. The growing number of Cryptocurrency exchanges in Asia gives the cryptocurrency sector a healthy dose of competition and maturity. Blockchain experts are being hired by Chinese banks. This is due to the Chinese government's drive for cryptocurrency's technology to promote transparency and combat fraud in the country's banking system. These forces are propelling the region's cryptocurrency exchange sector forward.

This report offers an overview of businesses changing modus operandi, business strategies, and investment strategies that leaders are adopting across the globe to tackle the challenges possessed by this pandemic. The COVID-19 epidemic affected nearly every country on the planet. Almost every industry was affected by the epidemic. As a result of the pandemic, some industries have suffered setbacks, while others have benefited.

The cryptocurrency exchange market grew significantly during the COVID-19 outbreak. This market expansion was seen in a variety of locations. The number of trading transactions on the exchange platform increased dramatically, as did the market capitalization of these currencies. The irregularity and volatility of cryptocurrencies during a pandemic is a concern for the demand of the cryptocurrency exchange market.

Owing to benefits such as hacking risk mitigation, prevention in market manipulation, lower anonymity, easy buy and sell process, lesser transaction fees, strong security features, exponential industry growth, improved liquidity, the crytpocurrency exchange is experiencing rapid adoption as thus fostering remarkable progress in global crytpocurrency exchange market.

The market value of global cryptocurrency exchange market is expected to reach close to 4.94 Bn by 2028 with an annualized growth rate of 12.8% through the forecast span.

Various developed countries have legalized and approved the purchase of cryptocurrencies. Trade or sale of this cryptocurrency in these developed countries is also driving cryptocurrency adoption. The globe is experiencing an increase in cryptocurrency transactions as the cryptocurrency industry grows. This increase in crypto transactions is driving the cryptocurrency exchange market growth.

A cryptocurrency exchange is a business that allows consumers to trade cryptocurrencies or digital currencies for other assets such as other digital currencies or fiat money. Cryptocurrency is a sort of digital or virtual currency that employs encryption to keep track and prevent counterfeiting of transactions. There is no tangible depiction of it. Cryptocurrency is distributed across a vast network of computers connected in a virtual environment. It works on the basis of decentralized networks based on blockchain technology. Blockchain is a decentralized, unchangeable ledger that facilitates the recording of transactions and asset monitoring in a corporate network. Private or public keys are used to secure the transfers, which are linked directly to the user's digital wallet.

However, as cryptocurrency is decentralized, many countries fear that this nature of crypto will lead to its usage in illegal activities. This has led to fear among countries' regulating bodies, and they have started to put restrictions on the use of cryptocurrencies. This has led to restraining the growth of usage of cryptocurrencies which has proved to be a restraining factor in the growth of the global cryptocurrency exchange market. In addition, less awareness about cryptocurrency in some developing nations has hampered the growth of the cryptocurrency exchange market.

Furthermore, venture capital firms have invested large sums of money in Cryptocurrency Exchange Platform companies, creating exciting development potential for the cryptocurrency exchange sector. There are a lot of participants in the cryptocurrency exchange business which is anticipated to provide growth opportunity to the global cryptocurrency exchange market.

Key market players that formulate the competitive landscape of the cryptocurrency exchange market include BlockFi, Coinmama, eToro, Coinbase, Binance, Kraken, Bitstamp, Coincheck, FTX, LocalCryptocurrencys, Kraken, Bitfinex, coinbase, and AirSwap.

Latest Innovations In Global Cryptocurrency Exchanges Market

• Visa announced cooperation with 50 crypto businesses in July 2021, including Coinbase and FTX. Visa's card programme now allows customers to spend and exchange digital currencies as a result of this agreement.
• Crypto.com announced a relationship with Fnatic, an esports company, in September 2021. The former firm hopes to grow its network of partners as a result of this collaboration.
• CoinSwitch Kuber, a cryptocurrency trading platform provider, rose to around USD 260 million in financing in October 2021.
• Kraken, a cryptocurrency trading platform, announced the debut of its cryptocurrency exchange mobile application in the United States in June 2021.

Cryptocurrency Exchanges Market Scope

Key segments of Cryptocurrencies Exchange Market :

Type Overview, 2018-2028 (USD Billion)

• Decentralized Exchanges
• Centralized Exchanges
• Hybrid Exchanges

Cryptocurrency Overview, 2018-2028 (USD Billion)

• Cardano
• Solana
• Cryptocurrency
• Ethereum
• Others

Regional Overview, 2018-2028 (USD Billion)

North America

• U.S
• Canada

Europe

• Germany
• France
• UK
• Rest of Europe

Asia Pacific

• China
• India
• Japan
• Rest of Asia Pacific

South America

• Mexico
• Brazil
• Rest of South America

Middle East and South Africa