Wednesday, 28 August 2019 14:20

Greater Western Sydney Australia’s top crypto hotspot

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The Greater Western Sydney region is the new hotspot for crypto in NSW, with 4 out of the top 10 suburbs with the most users being located in the west of Sydney, according to a report from cryptocurrency exchange Independent Reserve.

And the report reveals that Wednesday is the most popular trading day across the country, while female participation increased by 4% from 2018 to 2019 to 20%.

"With Westmead, Baulkham Hills, Liverpool and Parramatta near the top 10, and other Western Sydney suburbs rounding out the top 20, migrants and early adopters still make up a large proportion of the cryptocurrency community,” said Adrian Przelozny, CEO and founder of Independent Reserve.

“This is a good thing. With much concern over the current health of the global economy, savvy investors would traditionally turn to gold to hedge against losses/provide a store of value.

“For the first time, a sizeable group of ordinary people will have an asset outside of super that might help them do the same during a potential difficult economic period."

And according to Independent Reserve, while interest from women in trading crypto has continued to rise, and still remains a heavily dominated male activity – and Tuesdays, Wednesdays and Thursday are by far the most popular days for trading, with the majority of trades take place from 11am - 5pm.

“While traders are switched on 7 days a week, most take a break over the weekend like the rest of us,” Przelozny said.

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Peter Dinham

Peter Dinham is a co-founder of iTWire and a 35-year veteran journalist and corporate communications consultant. He has worked as a journalist in all forms of media – newspapers/magazines, radio, television, press agency and now, online – including with the Canberra Times, The Examiner (Tasmania), the ABC and AAP-Reuters. As a freelance journalist he also had articles published in Australian and overseas magazines. He worked in the corporate communications/public relations sector, in-house with an airline, and as a senior executive in Australia of the world’s largest communications consultancy, Burson-Marsteller. He also ran his own communications consultancy and was a co-founder in Australia of the global photographic agency, the Image Bank (now Getty Images).

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