The widespread use of decentralized trading platforms
Although the popularity of centralized exchanges (CEXs) is on the rise, Middle Eastern users are also fans of decentralized finance (DeFi) systems, taking advantage of decentralized exchanges (DEXs) such as Uniswap, PancakeSwap, and Raydium. ); The most widely used crypto wallets in the region are: Trust Wallet, MetaMask, Phantom, Coinbase Wallet, and Bitget Wallet.
Bitget analysts expected the number of daily active crypto users in the Middle East to rise to 700,000 by the end of 2024. They explained: “The UAE will become a major center for attracting expertise, capital, and companies in the crypto sector within the Middle East, in parallel with increasing its global influence in sector.”
Finally, it is noteworthy that the recent conflict that broke out in the Middle East between Iran and Israel has led to fluctuations in the digital currency markets in recent weeks, causing the price of Bitcoin (Bitcoin-BTC) to fall below $60,000 for a short period last week.
