28 May Revolut App Reports 68% Increase in Retail Crypto Traders
Data provided by U.K.-based finance app Revolut shows the coronavirus lockdown has impacted the crypto trading habits of its users.
Almost a third of Revolut’s 10 million customers have traded cryptocurrency on the app, which caters to casual, retail crypto traders.
As the lockdown restrictions were introduced during March, the average size of cryptocurrency purchases from its U.K. customers fell by 58%, from roughly $663 to $281.
UK traders regain confidence during April
However, crypto confidence rebounded strongly towards the end of April, with the average sum purchased by users increasing 57%.
There was a 68% increase in the number of app users trading crypto assets.
The average value of each trade also dropped by 52% during March, followed by a 63% increase the following month.
Revolut reports that selling activity also increased from April 20 until May 4, with the number of users selling increasing by 38% alongside a 13% increase in average sell order size.