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1 Synthèse du marché
1.1 Introduction
The cryptocurrency market refers to the buying and selling, storage and use of decentralized digital currencies that use blockchain technology to ensure the security and transparency of financial transactions. The products that make up this sector are:
- Cryptocurrencies: These are decentralized digital currencies based on blockchain technology. Cryptocurrencies such as Bitcoin, Ethereum and Ripple enable peer-to-peer transactions without the need for centralized intermediaries such as banks.
- Trading platforms: These are online platforms that allow users to buy, sell and trade cryptocurrencies. They offer tools and features to monitor prices, execute orders and manage one's cryptocurrency portfolio.
- Digital wallets: These are virtual wallets that allow users to securely store their cryptocurrencies.
- Payment services: These are services that allow users to use cryptocurrencies to make payments online or in physical stores. These services facilitate the interaction between cryptocurrencies and traditional money by allowing users to convert cryptocurrencies to fiat currency or vice versa.
The cryptocurrency market was introduced with the launch of Bitcoin in 2008 by a person identifying himself as Satoshi Nakamoto. Since then, numerous alternative cryptocurrencies have been created. Over the years, the market has faced various challenges, such as theMt. Gox hack in 2014. However, successful projects have emerged such as Ethereum, which introduced smart contracts. In 2017, the price of Bitcoin reached its all-time high, but thereafter the market declined. In recent years, successful crypto projects have focused on real problems and offered useful services based on blockchain technology. The future of cryptocurrencies is still uncertain, but their potential in changing the global economic system and offering financial autonomy to all is recognized.[Kriptomat] Currently, the Italian cryptocurrency market is influenced by global and domestic players.
The global cryptocurrency market size has been estimated at $4.67 billion in 2022 and is expected to grow at a compound annual growth rate(CAGR) of 12.5 percent from 2023 to 2030.[Grandviewresearch]
The study focuses on the cryptocurrency market in Italy, providing in-depth analysis on trends, growth drivers, and challenges specific to this sector. For more information on complementary markets, such as the nft market, please refer to the specific studies available in the businesscoot catalog.
1.2 The global market
The global cryptocurrency market size has been estimated at $*.** billion in **** and is expected to expand at an annual growth rate(***) of **.** percent from **** to ****.
Global market capitalization was valued at over $*** billion in ****.
Cryptocurrency utilizes distributed ledger technology such as blockchain to validate transactions. The increasing adoption of distributed ledger ...
1.3 The Italian market
The "crypto" world, closely related to the Blockchain, experienced a difficult year in **** that led to the so-called cryptowinter, but despite this, Blockchain projects by companies and PA grew worldwide and also in Italy.
In relation to the Italian context, **** saw a marked increase in corporate Blockchain projects, with investments reaching ...
1.4 P2P exchanges of cryptocurrencies in different countries
The Global Crypto Adoption Index, mentioned in the previous sections, is calculated based on * sub-indices that relate to theuse of different types of cryptocurrency services. One index in particular concerns the volume of peer-to-peer (***) exchanges, weighted by PPP per capita and the number of Internet users.
P*P exchange volume makes ...
1.5 Impact of covid-19 and the Russian-Ukrainian conflict
Impact of covid-** on the cryptocurrency market
The advent of covid-** appears to have had a major impact on the cryptocurrency market.
At the time the pandemic broke out, Bitcoin, the world's first cryptocurrency, could be purchased for $*,***. By March ****, the same token was priced at $**,***, a remarkable *** percent increase . Other ...
2 Analyse de la demande
2.1 Demand in Italy
Cryptocurrencies
According to recent data reported by Sole**ore , it can be seen that in addition to the different transaction volumes compared to other European states such as the United Kingdom, France, and Germany, there is a more pronounced lack of affection for diglital gold, namely Bitcoin (***), in Italy .
In **** , the ...
2.2 Demand drivers
The following are the main reasons for people to invest in cryptocurrencies.
Opportunity for high gains
Cryptocurrencies have shown that they can generate significant gains over time. Bitcoin, for example, has gone from being virtually worthless to achieving high prices. This growth has attracted the attention of investors and speculators around ...
2.3 The geographical distribution of demand
According to the OAM Survey concluded in October **** on a sample of *** individuals residing in italy, the majority of investors in cryptocurrencies are located in the northern regions(***) is lower .
2.4 New trends in demand
Millennials, Gen Z and the attraction to digital finance
The younger generation turns out to be very attracted to the world of digital finance-they find it more accessible than traditional finance.
The appeal of cryptocurrencies and new blockchain-based technologies has captured Millennials and Generation Z. Many young people are proving inclined ...
3 Structure du marché
3.1 The operators in Italy
As for the Italian crypto players on the supply side, a list of the most important ones is proposed below, which also perform different types of services from each other.
Amaris is s.r.l:Established in ****, Amaris is an international consulting group specializing in technology and management. To date, it ...
3.2 The value chain
The following are the stages that generate value in the cryptocurrency industry, from development and generation to adoption and end use.
3.3 Distribution: exchange platforms
Data from the second quarter of **** confirm a rather concentrated structure of the exchange (***) market: in fact,**.* percent of customers operate with large exchanges, **.* percent on medium-sized operators, and *.* percent on small exchanges.
Through the large operators (***) transits the bulk of the euro countervalue of cryptocurrencies. Specifically, the balances of legal ...
4 Analyse de l'offre
4.1 Supply analysis
Blockchain technology
To understand the cryptocurrency market, it is essential to know how the technology that enables digital currencies to exist works: blockchain technology
The blockchain is a distributed, decentralized, cryptographic ledger.
At its base we find theconsensus algorithm, whose task is to keep track of every transaction that takes place ...
4.2 The prices
The price trends of the most important cryptocurrencies in circulation are shown below.
Bitcoin
Bitcoin (***) trend World, January ****-November ****, in euros (***)
Ethereum
Trend of Ethereum (***) World, January **** - November ****, in euros (***)
Binance Coin
Trend of Binance Coin (***) World, January **** - November ****, in euros (***)
4.3 New supply trends
Blockchain *.*
Blockchain *.* technology is focused oninnovation. Speed, user experience, and usability by a larger, common mass will be the key areas it will focus on. One can divide blockchain *.* applications into two verticals:
Web *.*: The **** global financial crisis exposed the cracks in centralized control, paving the way for decentralization. Web *.* aims ...
5 Règlementation
5.1 The legislation
In Italy, the regulation of cryptocurrencies is still at a stage of development and adaptation, however, measures have already been activated in this regard.
Anti-money laundering
The regulation of cryptocurrencies, in the area of anti-money laundering, was introduced in our system by Legislative Decree No. **/****, and the subsequent by Legislative Decree ...
6 Positionnement des acteurs
6.1 Segmentation
- Binance
- Coinbase
- Crypto.com
- Amaris is s.r.l
- Checksig s.r.l
- Conio s.r.l
- Young Platform s.p.a
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The cryptocurrency market | Italy
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