USD Is the Most Actively Traded Fiat Against Cryptocurrencies, Study Says

Management and technology consulting firm GreySpark has found that U.S. dollars are the most actively traded fiat currency against cryptocurrencies in a new study published September 4.

The study focuses on the recent popularity of cryptocurrencies that went viral in late 2017, when Bitcoin’s (BTC) price peaked at $20,000.

GreySpark experts found that crypto prices correlated with Google search interest. For instance, the fluctuation in the price of Bitcoin (BTC) between $19,000 and $20,000 corresponded with the record-breaking amount of searches for “Bitcoin” and “cryptocurrency”, the study outlines.

Correlation between crypto prices and Google search interest. Source: GreySpark.com

Furthermore, the researchers state that crypto trade volumes have surged on most marketplaces, mostly traded against major fiat currencies, noting that over the last few years USD has become the most actively traded fiat in that industry.

The study also states that during 2018, more than 20 cryptocurrencies had a market capitalization of over $1 billion, after the total market capitalization of all cryptocurrencies reached a record peak over $800 billion in January 2018.

The research divides countries into three groups based on harshness of the country’s official stance towards crypto: Australia, South Korea, Switzerland and Japan are among those that were quick to adopt crypto regulation and promote digital currency products; Canada, the U.S., Russia and others are reportedly proceeding with more caution in terms of how to approach the new asset class. China and Colombia around grouped together as countries whose governments have taken more harsh stances towards crypto, instituting bans and other restrictions.

Groups of countries depending on crypto regulation. Source: GreySpark.com

GreySpark’s report also notes the lack of trusted custody solutions in the crypto industry, arguing that the market is waiting for big houses such as U.S.-based State Street and Northern Trust

As Cointelegraph wrote last month, citing Coinbase research, general interest in digital assets has prompted large universities to launch courses dedicated to the emerging technology. Coinbase’s study showed that 42 percent of the world’s top 50 universities offers at least one course on cryptocurrencies and blockchain.