Crypto investors earn $163 bln in profit in 2021; Ether more profitable than Bitcoin

livemint.com:

The year 2021 turned fruitful for cryptocurrency investors as they garnered nearly $163 billion in profits recording a five-fold jump compared to the previous year. US, Germany, and the United Kingdom investors were the top three highest profit earners in cryptocurrencies, while Bitcoin and Ethereum accounted for more than 90% of the profits in the market.

As per the StockApps report, crypto investors made $162.7 billion in profits in 2021. This significant amount of profit represented an increase of nearly 400% from 2020. In the previous year, Crypto didn’t perform well, earning a paltry $32.5 billion.

In 2021, the United States investors made the highest profits followed by Germany and the UK.

On the data, StockApps.com Edith Reads had this to say. “The market favored the US. Out of the total profits, it collected approximately $47 billion. Thus accounting for close to 30%."

Edith further pointed out that the United Kingdom, Germany, and Japan followed in that order. He noted that China had issues hence low profits.

"China had a lot of disappointing moments. The outlawing of bitcoin mining and crypto trading platforms was a huge hindrance. Thus, it casts doubt on the viability of investing in cryptocurrencies," Edith said.

Data pointed out China’s ban on cryptos, particularly concerning mining activity in that country. The ban led to a mass exodus of crypto mining firms out of China. So, they switched their operations to jurisdictions with more favorable regulatory environments.

China believes that bitcoin and other cryptos could lead to financial instability. They see the lack of stringent restrictions as a loophole. Yet, China does not hold an utterly negative view of virtual currencies. The country is working on