Top 3 Crypto Market Trends for Africa in 2023

Earlier this year, Bitget released a report in partnership with renowned US management consultancy Boston Consulting Group (BCG) and crypto-focused investment firm, Foresight Ventures, which examined the market size of cryptocurrency in Africa.

The report titled: “What Does the Future Hold for Crypto Exchanges” ranked South Africa as the country with the largest market, followed by Nigeria. Another interesting finding from the report showed that South Africans primarily use crypto as an alternative investment, while Nigerians primarily use it for savings.

Speaking to Business Insider Africa about the report, Chen said, “At present, Africa only accounts for less than 1% of global spot crypto and derivatives trade. However, we see Africa as one of the promising regions for crypto and derivatives trading as there has been a surge in trading volume and activity over the past year.

Looking to the future of cryptocurrency, if the past is any indication, cryptocurrency investors are in for an exciting ride. According to Gracy Chen, here are some interesting crypto predictions to watch in 2023.

Cryptocurrencies have become an important investment and savings tool for Africans. We anticipate tremendous growth in crypto adoption in this region, and major cryptocurrency exchanges are working to support this trend. Bitget, for example, offers its users One-click copy exchange and Strategy Square features that offer a very good springboard for beginners to try derivatives trading with the minimum experience required. New users can follow experienced traders to copy their strategies or portfolio to gradually develop their own ideas.

Crypto companies are still hiring but may not be actively recruiting amid the market downturn. Anyone considering going into space right now is on the right track. The limited talent pool is still a challenge for companies in the sector, even with the wave of layoffs that has eliminated more than 11,000 jobs in the past six months. For example, Coinbase reportedly laid off 18% of its workforce, Gemini 10%, Crypto.Com 5% and BlockFI 20%. In Africa, Nestcoin, a crypto start-up in Nigeria, announced that it would lay off some of its staff following the collapse of FTX. The company claims to have lost all of its cash and stablecoin assets due to the collapse. In this context, at Bitget, we are looking to expand our membership globally, and Africa will not be left out.

3. The need for transparency and trust

The collapse of FTX has raised concerns about confidence and fear among investors in the crypto space. Nearly ten (10) exchanges have issued separate statements indicating that they will publish their Merkle Tree Reserve Certificates to increase transparency.

Bitget has made various efforts to reassure users and restore trust.

Last week. We have:

Bitget will continue to create a reliable and safe trading environment for users and work hard to cultivate the crypto world.