European Market Sees Massive Decline Amid Crypto Bear

The crypto bear market has had a significant impact on investing patterns across the space. Where the interest peaked in the bull market of 2021, the reverse was the case during the bear trend of 2022. In light of this, there has been an impact on the download numbers of crypto exchange apps across the space. In particular, the download numbers of crypto apps across the European market. 

Crypto App Numbers Fall By Half

A new report has shown that the downloads of crypto apps across the European market have been on a decline. It took the data across 10 apps that had garnered millions of downloads and compared the data from the first half of 2022 to the numbers from the first half of 2021. What this showed was that there was an almost 50% decline in the numbers.

In the first half of 2021, there was a total of 7.5 million downloads across these 10 cryptocurrency apps. However, in the first half of 2021, there was a total of 4.1 million downloads across all of these apps, amounting to a 45% decline between the two periods. 

The data was collated from the Google Play Store across crypto apps such as BRD, Bitpanda, Bitstamp, Nexo, Kriptomat, Luno, Change, Coinmetro, Wirex, and Blockchain.com. These apps are popular among European investors, making them a good option for the report.

Naturally, some crypto apps have recorded more decline compared to others. The largest hit in the market was BRD, an app that has seen its downloads decline 97% between the first half of 2021 and the first half of 2022.

The next on the list was the Bitpanda app which was down 65% in the same time period. Blockchain.com is a crypto exchange platform that has been hard-hit in the recent bear market trend. The company has had to lay off a good portion of its staff, and the download numbers show how much the platform is struggling. Its downloads are down 51% in the first half of 2022.

Other crypto apps that have been hit by the bear trend include Luno, Kriptomat, and Nexo, with declines of 17%, 10%, and 10%, respectively. Wirex downloads were down 5%, the lowest of all apps that saw a loss. Interestedly, some on the list actually saw an increase in their download numbers.

Three of the total 10 apps surveyed came out with increases. These were Change, Bitstamp, and Coinmetro, with 2.5%, 14%, and 50% increases, respectively. These apps have remained in favor of crypto investors even through the bear. 

Featured image from News18, chart from TradingView.com

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