Election uncertainty hit hard not only on stocks and bonds through Friday, but also on the crypto world over the weekend. The Bitcoin dollar or crypto dollar was transformed on the eve of the elections into the main indicator of investment mood that was changing according to the expectations of who the candidates who would reach the runoff could become. Or, eventually who would win in the first round.
In this context, the exchanges redoubled their efforts to meet those investors who sought to protect their savings in stablecoins or other most traded cryptocurrencies. Now, companies take stock of what that hectic weekend was like.
A report prepared by Lemonrealized that during those two days from October 20 to 22 the number of users buying stablecoins tripled vs. which usually happens on an average Sunday, even exceeding by 36% the peak reached at 11:00 p.m. in PASO (8/13/23). The purchase of stablecoins accounted for 84% of the total trading volume on Lemon that day.
On Friday 10/20, as a preview of what the weekend was going to be, a new record had already been recorded in the purchase of stable cryptocurrencies in the history of Lemon, surpassing the previous one that occurred on Wednesday by 87% August 16 after PASO.
As for users, a 20% more users buying and selling stablecoins than in PASO. Even on Sunday itself, when there was already a defined trend between 8pm and 12pm, they recorded more than one crypto purchase per second.
Crypto dollar: an atypical October
Another fact to highlight is that during October, Lemon increased +2.4 in stablecoin purchase volume compared to the rest of the year. The average per transaction, however, is surprising since it is small: only US$36.
From Satoshi Tangothey also highlighted Ambit that there was a peak on the Friday/Saturday before the elections and a stagnation in demand after the results. However, he raised a hypothesis that they will continue to work on: “what we are trying to define is whether there was interest in hedging in cryptocurrency or other cryptocurrencies.”
Joel Glotzer of Bitso stated with this medium that over the weekend the exchange recorded a volume of 5 times the average for a weekend normal.
“He 73% of operations totals were in crypto dollar, when on average the crypto dollar represents 66% of the total on other weekends. 73% was between USDC and USDT, and the remaining 27% were predominant BTC and ETH. It was added that over the weekend bitcoin and ether increased in value and were an attractive asset for users as well,” he indicated.
During the weekend, in Ripio Wallet Argentina, for its part, recorded a 178% increase in new users, they indicated to this medium. “This was a record of new users so far this year that strengthens and drives our leadership in crypto adoption. In addition, we had a 50% increase in activity on the platform,” they noted.
In this framework, UXD became the most traded and held stablecoin on Ripio Wallet, with 41% market share among the platform’s stablecoins. Thus, 20% of the users who registered during the weekend, They bought UXD, the volume of which increased by 112%. And the number of users who bought UXD rose by 75%
It is worth remembering that cryptocurrencies experienced a rally during the general election weekend, mainly motivated by rumors regarding the approval of spot Bitcoin ETFs. On Saturday, the leading cryptocurrency surpassed $30,000, its key support, surpassing two-month highs. He crypto dollarone more strategy for investors to hedge against a devaluation expectation that at that time was more present than ever.
Source: Ambito
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