Last summer, the Bank of Canada noted a decline in investor interest in digital currencies, specifically in holdings of Bitcoin, Ether, and other altcoins within the crypto market.
However, Canadian traders’ activity picked up in the fall, propelled by BTC’s surge to its highest level since the previous spring. Major crypto exchanges in the country, Bitbuy and Coinsquare, observed a 16% uptick in daily users engaged in sending and receiving funds.
The combined value of digital assets held at Bitbuy and Coinsquare surpassed 1 billion Canadian dollars ($736 million), as reported by the press service of WinderFi, encompassing these trading platforms.
In contrast, during the third quarter of 2023, the value stood at 695 million Canadian dollars ($512 million), accompanied by a 52% increase in trading volume.
It’s worth noting that Bitbuy and Coinsquare operate within the legal framework of the Canadian market.
