The Bank for International Settlements report notes that there have been several major crises in the blockchain industry in 2022. The biggest shocks were the collapse of Terra and the bankruptcy of the FTX exchange, which caused a surge of activity on the trading platforms.
Analysts at BIS have seen a surge in trader activity on Binance and Coinbase after the news of the Terra and FTX collapse, with users massively converting digital currencies into stablecoins en masse.
After the event, the "whales" dumped some of their cryptocurrency holdings, while small and medium traders took advantage of the fall to buy up virtual currencies such as bitcoin.
According to BIS researchers, in times of market volatility, there was an increase in the number of downloads of cryptocurrency trading applications.
