Crypto purchases on Revolut app soared 68% in April

By Ray Crawford·28 May 2020·1 min read

Key Points

UK retail traders cut back on crypto purchases in March as lockdown took hold.
Revolut, the fintech platform where 3 million Europeans trade digital assets, saw weekly purchases among its British user

UK retail traders cut back on crypto purchases in March as lockdown took hold. Revolut, the fintech platform where 3 million Europeans trade digital assets, saw weekly purchases among its British users collapse 58%, dropping from an average of £540 to £230 ($663 to $280). Trading activity fell 50% that month. The slump coincided with both the government's isolation mandate and Bitcoin's tumble to yearly lows of $3,800.

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April brought a sharp reversal. Bitcoin climbed from those lows to above $7,000. Revolut's UK traders resumed aggressive buying. Weekly purchases jumped 57%. Trading surged 68%. Spending that had dropped 52% in March rose 63% the following month. Selling picked up as well, with traders increasing their sell orders 38% between late April and early May. Average sale sizes climbed 13%.

The data came from Revolut's customer base of over 10 million across Europe. Among the platform's traders, Bitcoin accounted for 51% of all trades between March and April. Ripple placed second with 20%, followed by Ethereum at 14%, and Litecoin and Bitcoin Cash each at 8%.

Age made a difference. Traders aged 55 to 64 spent an average of £345 per trade ($423), three times the amount that 18 to 24-year-olds spent at £109 each ($134). Revolut also found that UK customers traded nearly 30% more than their European counterparts during the lockdown period.

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