Report Summarizer

[report topic] - "Cryptocurrency market" [report] - "Report Overview The global cryptocurrency market size was valued at USD 4.67 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 12.5% from 2023 to 2030. The global cryptocurrency market cap was valued at over USD 800 billion in 2022. Cryptocurrency, also known as virtual currency, exists digitally and has no regulatory authority. Cryptocurrency uses distributed ledger technology such as blockchain to validate transactions. The increasing adoption of distributed ledger technology is anticipated to propel the cryptocurrency market growth during the forecast period. Moreover, increasing usage of cryptocurrencies for cross-border remittances is expected to fuel market expansion due to the reduction in consumer fees and exchange charges. Recent developments in Artificial Intelligence (AI) are expected to have a huge impact on the cryptocurrency market. The rising popularity of AI-based cryptocurrency platforms has inspired several businesses to focus on the development of AI technology. For instance, in August 2021, researchers at Los Alamos National Laboratory developed an artificial intelligence program to identify unlawful cryptocurrency miners who use research computers for cryptocurrency mining. Moreover, the rise of cryptocurrency as a decentralized asset class has attracted investments by private venture companies in the market. For instance, the U.S. cryptocurrency market witnessed investments worth USD 6.1 billion in 2021 across 106 deals. The growth is further supported by the increased demand for cryptocurrency as an alternative form of tender across emerging economies, such as Iran, Argentina, and Zimbabwe, plagued with devalued currencies. One of the key elements influencing the growth of digital currency is the growing number of businesses that now accept cryptocurrency as an official payment method. Additionally, the adoption of digital currency by major corporations such as Tesla Inc. and MasterCard Inc. is anticipated to boost industry expansion. For instance, in November 2021, MasterCard Inc., a financial services company, allowed its network partners to enable their customers to purchase, trade, and hold digital currency using a digital wallet. Moreover, the business offered digital currency as a reward for the clients who participated in loyalty programs. Government bodies across the globe are focusing on devising laws to regulate cryptocurrencies European Union developed the Markets in Crypto Assets (MiCA) law to create a legal framework designed for the market of crypto assets. Additionally, in February 2022, the Indian government made its move towards making cryptocurrency legal by announcing a 30.0% tax on any income generated by the transfer of digital currencies. Cryptocurrencies such as Bitcoin have been gaining traction in high inflation countries, including Argentina, Zimbabwe, and Brazil, as their local currency devalues. Even though bitcoin is cutting-edge financial technology, its growth is expected to be constrained by the lack of regulations and a unified standard for exchanging digital currency. Regulators from all over the world are worried about the use of cryptocurrencies for unlawful purposes, which is a significant barrier to the market's expansion. However, law enforcement agencies are making efforts to seize illegally acquired cryptocurrency which bodes well for the market growth. For instance, in November 2021, IRS Criminal Investigation seized approximately USD 3.5 billion worth of cryptocurrency."