Australian cryptocurrency exchange Independent Reserve has released its list of Australian suburbs that have become the “busiest crypto trading hotspots”.
- The list shows a growing number of cryptocurrency traders are based in suburban areas like Westmead and Baulkham Hills in Western Sydney and Hoppers Crossing and Cocoroc in outer Melbourne. It also showed a 4% rise in female traders.
- The data is compiled from analysis of trading activity on the Independent Reserve exchange between January 2018 and July 2019. The exchange claims to have 100,000 customers.
A growing number of Australians in the outer suburbs are trading big volumes of cryptocurrency, according to crypto exchange Independent Reserve.
Having analysed transaction data from its platform between January 2018 and July 2019, Independent Reserve has identified the geographic locations with the most trading activity — finding cryptocurrency’s appeal goes well beyond the CBD.
According to the data, the 10 busiest cryptocurrency trading suburbs in Australia are:
1. Darlinghurst, NSW
2. Westmead, NSW
3. Bondi, NSW
4. Melbourne, VIC
5. Cocoroc, VIC
6. Sydney, NSW
7. Hoppers Crossing, VIC
8. Baulkham Hills, NSW
9. Crows Nest, NSW
10. Liverpool, NSW
Commenting on the findings, Independent Reserve CEO Adrian Przelozny said in a statement the 2019 results show suburban Australians are increasingly attracted to cryptocurrency, with Western Sydney emerging as a new hotspot.
Przelozny confirmed to Business Insider Australia the data will include both professional crypto trading businesses and individual investors — but that he believes the latter are becoming a bigger part of the “cryptocurrency community”.
“For the first time, a sizeable group of ordinary people will have an asset outside of super that might help them [hedge against losses and provide a store of value] during a potential difficult economic period,” he said, pointing to growing crypto trading activity in suburbs like Westmead, Baulkham Hills and Liverpool in outer suburban Sydney.
“This is a good thing,” he added.
While crypto trading is apparently on the rise in the outer suburbs, Darlinghurst in trendy inner city Sydney still took out the top spot.
“Demographics and income are driving the popularity of crypto within Darlinghurst,” Przelozny told Business Insider Australia.
“The key demographic is young, wealthy professionals. They’re young enough to understand and be interested in cryptocurrency, but also old enough to have some spare cash to invest in it.
“Darlinghurst, Surry Hills and Sydney City also have some of the first businesses in Australia to accept Bitcoin. This would have piqued the interest of a lot of locals.”
The data also showed a 4% lift in trading activity by females, up from 16% of total users in 2018 to 20% of total users on the platform in 2019.
It also showed that Wednesday is Australia’s preferred crypto trading day, with 17% of weekly trades.
Here are the 10 busiest crypto trading suburbs in each state:
New South Wales
4. Sydney CBD
5. Baulkham Hills
6. Crows Nest
3. Hoppers Crossing
4. Glen Waverley
5. South Yarra
9. Cannons Creek
10. Deer Park
1. South Brisbane
3. Gold Coast
5. Forest Glen
9. Mount Gravatt
7. Bibra Lake
9. Wattle Gove
10. Mosman Park
1. Brooklyn Park
2. Ferryden Park
5. Chandlers Hill
7. North Haven
10. Mawson Lakes
5. Dandy Bay
8. New Town
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