Last Updated on March 18, 2023 by Bitfinsider
Apptopia, a provider of real-time app data, reports that the top 10 crypto applications for exchanges and self-custody accounts have increased by approximately 15% since the demise of Silicon Valley Bank (SVB) and two other lenders last week.
Recent changes to the finance system in the United States appear to have shifted interest and demand toward crypto solutions. Since last week’s crisis, there has been a significant increase in the downloads of crypto dapps offering exchange and asset storage services, according to trackers.
According to Apptopia, the top 10 crypto apps, defined as Coinbase, Crypto.com, Trust, Binance, Bitcoin and Crypto DeFi Wallet, Blockchain.com, KuKoin, Kraken, eToro, and BitPay, including exchanges and self-custody wallets, have increased by approximately 15% since Silicon Valley Bank’s stock dropped 60% last week.
This is in stark contrast to the top 10 traditional banks and top 10 “digital-first” banks, whose app downloads have declined by approximately 5% and 3%, respectively, during the same time period.
Silvergate Capital, Silicon Valley Bank, and Signature Bank ceased operations or ceased operations last week, causing crypto companies, investors, and traditional users to scramble to transfer their assets. Last week’s events had a significant impact on Circle, the stablecoin issuer.
The circumstances surrounding the failure of these banks raised concerns regarding where individuals and businesses should park their assets and which entities can be trusted. As the United States government and the Federal Reserve (Fed) intervened to prevent an escalation of the crisis, crypto assets rose.
This week, two of the largest cryptocurrencies by market capitalization, Bitcoin and Ethereum, have posted impressive gains. BTC trades above $26,000 and continues to be the most dominant cryptocurrency asset.
According to data from CoinMarketCap, the global cryptocurrency market capitalization increased by 8.3% to approximately $1.1 trillion as of March 17 due to the increase in asset prices.
The banking crisis in the United States exerts pressure on midsize and regional institutions such as First Republic. According to Reuters, First Republic had the third-highest rate of uninsured deposits in the United States, behind SVB and Signature Bank, at approximately $119.5 billion.
Downloads of the top ten traditional banking applications decreased by 5%. Capital One, Chase, Bank of America, Wells Fargo, Discover, Citi, and U.S. Bank applications lost popularity.
App users lost interest in Chime, Dave, Albert, Empower, Varo, MoneyLion, Current, Aspiration, Sable, and Oxygen, among others, causing the top 10 “digital-first” applications to experience a 3% decline.
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