Cryptocurrency exchangers register an influx of investors, and DApps in the ETH network go up 650 percent in popularity
Cryptocurrency exchangers record an influx of investors
Large exchange services reported an increase in the number of cryptocurrency buyers, despite the general uncertainty caused by the coronavirus pandemic.
Significant capital inflow in March was registered immediately before the collapse of global stock markets and bitcoin price. These events were followed by a decline in the number of new players, but now it has started to bounce back amid the recovery of the crypto market.
According to the CEO of one of the exchange services, the company set a record in March:
“March was a record-setting month for us, we experienced a surge in cryptocurrency investments of more than 80% through a network of affiliate exchanges, wallets and decentralized applications.”
The popularity of DApps in the ETH network has grown by 650%
In Q1 of 2020, the activity of users of Ethereum-based decentralized applications saw an increase of 650%, according to a report by DappReview.
The volume of transactions is growing, despite a decline in the number of applications and a minimal influx of new customers. The total amount of transfers amounted to more than $7.9 billion, which is 80% higher than in Q1 of 2019.
The most popular categories of DApps are casinos, marketplaces, and games. According to analysts, decentralized financial services (DeFi) are the main driver of market development.
Mining hardware manufacture Canaan reports a net loss of $148 million in 2019
The Chinese mining company Canaan Creative has published its first report since the IPO in November last year. It turned out that the company suffered a $148.6 million net loss in 2019 — the major part of it, $114.7 million, accounted for Q4.
Canaan Creative was the first major mining hardware manufacturer to launch an IPO. Currently, its stocks are trading 60% below the starting price.
“As a result of the impact of the COVID-19 outbreak, a widespread health crisis that adversely affected general commercial activities, the economies, financial markets, as well as the cryptocurrency market activities, we have lowered our expectations for business in the year of 2020. For the first quarter of 2020, the Company expects total revenues not less than RMB60 million (around $8.5 million),” the report stated.