LocalBitcoins is now Connecticut’s second-largest Bitcoin exchange in terms of volume, trailing only Coinbase. This is perhaps because Coinbase provides a considerably wider range of services than LocalBitcoins, such as a wallet and merchant solutions.
It will be interesting to watch how Connecticut’s bitcoin market develops in the future. It’s safe to assume that the state is quickly developing into a hotbed for Bitcoin activity as more and more people try to invest in Bitcoin and more companies start accepting digital currency as payment.
Recently, the cryptocurrency market has been on fire, with Bitcoin reaching record highs and altcoins not far behind.
When it comes to the volume of Bitcoin trade, one US state is falling behind.
In terms of BTC trading volume on well-known cryptocurrency exchange Coinbase, Connecticut, which has a population of barely 3.6 million, comes in last.
Connecticut people have only traded $57,000 worth of goods in the previous week.
Bitcoin
within Coinbase. That is less than 0.1% of the total volume of trading that took place on the exchange during that time.
In contrast, almost $600 million worth of Bitcoin has been exchanged by Californians on Coinbase in the previous week. That represents more than 10% of the exchange’s overall trading volume.
Why then does Connecticut fall so far behind in the adoption of Bitcoin trading?
There are various rationales that could apply.
First, there are only two significant cities in Connecticut: Hartford and New Haven, both of which have a population of under 200,000. Compared to other large US cities like New York, Los Angeles, or San Francisco, that is far smaller.
Second, there are not many establishments that take Bitcoin in Connecticut. Just over 30 companies in the state accept Bitcoin, according to Coinmap. In contrast, more than 1,200 establishments in California currently accept Bitcoin.
Third, inhabitants of Connecticut might merely be less knowledgeable about Bitcoin and cryptocurrencies than citizens of other states. This is probably because there aren’t many significant enterprises that accept BTC in addition to the limited population.
Whatever the cause, it’s obvious that Connecticut has lower Bitcoin trade volume than the rest of the US. But with the recent increase in the price of Bitcoin, it’s probable that more residents of the state could soon begin purchasing and trading the digital currency.
Bitcoin trading is a dynamic and ever-evolving industry. Keep up with the most recent trends if you want to stay ahead of the curve. Here are a few of the most recent developments in Connecticut’s Bitcoin market:
Institutional investors are becoming more interested in Bitcoin. Examples of these investors include hedge funds and venture capitalists. The price of Bitcoin is rising as a result, and it is becoming more widely accepted. Increasing use of bitcoin ATMs: Using bitcoin ATMs to buy and sell bitcoin is getting more and more common. This makes it simpler for anyone to participate in the market and exchange Bitcoin. More merchants taking Bitcoin as payment: A growing number of merchants are taking Bitcoin as payment. As a result, using Bitcoin in daily life is becoming simpler for people. Exchanges for bitcoin are growing by entering new markets and introducing new services. People may now trade Bitcoin more easily and at the best prices thanks to this. Regulation of Bitcoin: Recently, the US government took action to regulate Bitcoin. The currency is becoming more stable and gaining legitimacy as a result of this. These are only a few of the newest developments in Connecticut Bitcoin trading. It’s crucial to follow these trends if you want to stay on top of things.
