Article: Crypto wallets were installed 32% less frequently this year than in the past
Source: https://ru.investing.com/news/cryptocurrency-news/article-2303023
Context:
According to the data AltIndex.com In the first nine months of this year, cryptocurrencies accounted for 73.6 million downloads, which is 32% less than in the same period last year. The number of downloads of cryptocurrencies has also fallen compared to the figures observed at the peak of the cryptocurrency market in 2021.
What is meant - in simple words
To buy crypt (to provide demand for it), cold wallets and appropriate programs are needed for its safe storage (buying and withdrawing your coins to them), which in most cases are represented either by mobile applications or desktop versions installed on the user's system (gadget, computer).
So, the number of such installations in 2023 has significantly decreased relative to previous years.
This may indicate that the arrival of new participants in the crypto market has decreased this year. But this fact, at the same time, does not confirm the departure of the old participants.
It would seem that this could affect the price cryptocurrencies, which, after all, is formed due to demand, including new participants.
But this is not always the case.
The fact is that today the crypto market is more likely to change its direction at the expense of existing players, especially large ones (whales). And these circumstances today in no way can significantly affect the trading signals of the market in this industry.
So, for example, the US government owns $ 5.5 billion worth of bitcoins (with a total market capitalization of $ 1.1 trillion today), due to which it can significantly influence its exchange price.
The fact itself simply suggests that the interest from new participants wishing to enter this field has cooled a little. And this is natural, against the background of a tough monetary policy policy from the US Federal Reserve (there is no extra money yet, those who want to come here).