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Norwegians' appetite for cryptocurrency investments is increasing. So far in 2024, crypto trading on four Norwegian crypto exchanges has passed over NOK 1.4 billion, a figure that by no means captures the entire crypto trade that Norwegians take part in. Appetite also seems to be increasing as cryptocurrencies and especially Bitcoin rise in price. On February 28, when the Bitcoin exchange rate passed USD 60,000 for the first time in a long time, daily turnover on the four Norwegian crypto exchanges amounted to, with Firi in the tip, over 100 million.
Norwegians' appetite for cryptocurrency investments is increasing. So far in 2024, crypto trading on four Norwegian crypto exchanges has passed over NOK 1.4 billion, a figure that by no means captures the entire crypto trade that Norwegians take part in. Appetite also seems to be increasing as cryptocurrencies and especially Bitcoin rise in price. On February 28, when the Bitcoin exchange rate passed USD 60,000 for the first time in a long time, daily turnover on the four Norwegian crypto exchanges amounted to, with Firi in the tip, over 100 million.
Kaupr has brought in and analyzed the trading figures that the comparison service Kryptopris posts every day, encompassing trading on the crypto exchanges Firi, NBX, Bare Bitcoin and Juju through February 29.
However, these figures only capture parts of the crypto trade that Norwegians participate in. For example, K33, which identifies itself as a crypto broker, does not publish daily figures, only quarterly net sales via its parent company Arcario. The major crypto players also facilitate so-called OTC trading, that is, trading that is done off-exchange and directly between two parties. In addition, many Norwegians have chosen to use foreign exchanges over the years, where, for example, Binance has been popular due to its large volume and high liquidity.
Already in the 3rd and quarter of 2023, Norwegians began to regain their faith in cryptocurrency. In mid-January, we reported that Norwegian crypto investors more than doubled 's trading from Q3 to Q4 in 2023, as expectations increased in relation to the U.S. Bitcoin spot-based ETFs would be approved by the U.S. Securities and Exchange Commission. So also happened on January 10, but those in the first weeks afterwards the market was still unsure whether this was a “buy the news” - or “sell the news” event.
However, fresh capital has continued to flow into the 9 new ETF funds, and both gross and net have exceeded the volume supplied to the market in the form of new mined Bitcoins. Many have therefore speculated that sooner or later a supply crunch will occur, as it becomes clear to the market that demand for Bitcoin exceeds supply. This supply squeeze has many believed will increase further when the daily minting of new Bitcoins is halved, an event that is likely to occur in mid-April.
Norwegian crypto investors also had a slightly more cautious attitude towards January, but trading on the 4 exchanges still ended at over NOK 600 million, up about 25 percent from the 4th quarter of 2023. February also started off cautiously, but at the end of February, when Bitcoin stabilized above USD 50,000, and then rose to above USD 60,000, activity among the Norwegian crypto investors also increased. After being around 11 MNOK on 24 and 25 February, trading in the days afterwards rose to MNOK 56, NOK 102 million and MNOK 85. In March, which is early, the daily average turnover so far exceeds 30 MNOK.
We at Kaupr have in a own edition of the newsletter Equity by Kaupr described the journey from crypto winter in 2022 to crypto year in 2024. This newsletter, which will also notify about upcoming episodes in a new podcast, you can subscribe to for free.
Norwegians' appetite for cryptocurrency investments is increasing. So far in 2024, crypto trading on four Norwegian crypto exchanges has passed over NOK 1.4 billion, a figure that by no means captures the entire crypto trade that Norwegians take part in. Appetite also seems to be increasing as cryptocurrencies and especially Bitcoin rise in price. On February 28, when the Bitcoin exchange rate passed USD 60,000 for the first time in a long time, daily turnover on the four Norwegian crypto exchanges amounted to, with Firi in the tip, over 100 million.
Norwegians' appetite for cryptocurrency investments is increasing. So far in 2024, crypto trading on four Norwegian crypto exchanges has passed over NOK 1.4 billion, a figure that by no means captures the entire crypto trade that Norwegians take part in. Appetite also seems to be increasing as cryptocurrencies and especially Bitcoin rise in price. On February 28, when the Bitcoin exchange rate passed USD 60,000 for the first time in a long time, daily turnover on the four Norwegian crypto exchanges amounted to, with Firi in the tip, over 100 million.
Kaupr has brought in and analyzed the trading figures that the comparison service Kryptopris posts every day, encompassing trading on the crypto exchanges Firi, NBX, Bare Bitcoin and Juju through February 29.
However, these figures only capture parts of the crypto trade that Norwegians participate in. For example, K33, which identifies itself as a crypto broker, does not publish daily figures, only quarterly net sales via its parent company Arcario. The major crypto players also facilitate so-called OTC trading, that is, trading that is done off-exchange and directly between two parties. In addition, many Norwegians have chosen to use foreign exchanges over the years, where, for example, Binance has been popular due to its large volume and high liquidity.
Already in the 3rd and quarter of 2023, Norwegians began to regain their faith in cryptocurrency. In mid-January, we reported that Norwegian crypto investors more than doubled 's trading from Q3 to Q4 in 2023, as expectations increased in relation to the U.S. Bitcoin spot-based ETFs would be approved by the U.S. Securities and Exchange Commission. So also happened on January 10, but those in the first weeks afterwards the market was still unsure whether this was a “buy the news” - or “sell the news” event.
However, fresh capital has continued to flow into the 9 new ETF funds, and both gross and net have exceeded the volume supplied to the market in the form of new mined Bitcoins. Many have therefore speculated that sooner or later a supply crunch will occur, as it becomes clear to the market that demand for Bitcoin exceeds supply. This supply squeeze has many believed will increase further when the daily minting of new Bitcoins is halved, an event that is likely to occur in mid-April.
Norwegian crypto investors also had a slightly more cautious attitude towards January, but trading on the 4 exchanges still ended at over NOK 600 million, up about 25 percent from the 4th quarter of 2023. February also started off cautiously, but at the end of February, when Bitcoin stabilized above USD 50,000, and then rose to above USD 60,000, activity among the Norwegian crypto investors also increased. After being around 11 MNOK on 24 and 25 February, trading in the days afterwards rose to MNOK 56, NOK 102 million and MNOK 85. In March, which is early, the daily average turnover so far exceeds 30 MNOK.
We at Kaupr have in a own edition of the newsletter Equity by Kaupr described the journey from crypto winter in 2022 to crypto year in 2024. This newsletter, which will also notify about upcoming episodes in a new podcast, you can subscribe to for free.
