{"id":101567,"date":"2024-11-27T07:19:46","date_gmt":"2024-11-27T11:19:46","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=101567"},"modified":"2024-11-27T07:19:51","modified_gmt":"2024-11-27T11:19:51","slug":"trezor-hardware-wallet-reports-peak-demand","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/trezor-hardware-wallet-reports-peak-demand\/","title":{"rendered":"Trezor Hardware Wallet Reports Peak Demand"},"content":{"rendered":"\n

Trezor, a hardware wallet provider, has reported that the cryptocurrency self-custody<\/a> trend has gained momentum as Bitcoin approached the <\/strong>$100,000 <\/strong>price point last week.<\/p>\n\n\n\n

\"Trezor
Trezor Hardware Wallet Reports Peak Demand<\/figcaption><\/figure>\n\n\n\n

The firm informed Cointelegraph on November 27 that Trezor has experienced a 600% increase in weekly wallet sales due to Bitcoin's significant rally, resulting in a historic all-time high above $99,600.<\/p>\n\n\n\n

Trezor exceeded its previous record-breaking single sales day in May 2023 on November 22, when Bitcoin attained its highest value of $99,645, according to CoinGecko data.<\/p>\n\n\n\n

Danny Sanders, Trezor's chief commercial officer, stated that the sudden increase in demand for Trezor hardware crypto wallets <\/a>can be ascribed to various factors, including the results of the presidential election in the United States.<\/p>\n\n\n\n

A “complete overhaul” of the regulatory approach to cryptocurrency<\/h2>\n\n\n\n

Donald Trump's victory in the US presidential election in early November has significantly affected cryptocurrency markets, increasing the demand for self-custodial crypto storage solutions such as Trezor.<\/p>\n\n\n\n

According to Sanders, the election has resulted in a “complete shift” in the regulatory approach, transitioning from a “hostile environment” to a “supportive environment” in the United States.<\/p>\n\n\n\n

He also stated that it is expected to provide greater regulatory clarity, resulting in a more favorable environment for businesses to operate in the sector and more institutions adopting it.<\/p>\n\n\n\n

\"Trezor\u2019s
Trezor\u2019s chief commercial officer, Danny Sanders. Source: Trezor<\/em><\/figcaption><\/figure>\n\n\n\n

Sanders asserts that Trezor has yet to experience significant fluctuations in its proportion of the US market demand despite the US election being a critical event for crypto.<\/p>\n\n\n\n

“The distinction is that the enhanced US environment continues to elevate the price, which stimulates global demand for self-custody as new customers enter the market,” the executive stated.<\/p>\n\n\n\n

Macroclimate and BTC halving factors<\/h2>\n\n\n\n

Bitcoin's fourth halving in April 2024 and macroeconomic developments were additional factors that contributed to the ongoing market rally, in addition to the US election.<\/p>\n\n\n\n

Sanders stated, “There was already an expectation of a price increase as part of the four-year cycle, roughly six months post-halving, both in terms of season and halving.”<\/p>\n\n\n\n

Additionally, he observed that central banks in the United States and Europe have been driving liquidity to cryptocurrency by initiating rate cuts.<\/p>\n\n\n\n

\n

\u201cThe Trump presidency fuelled the price appreciation of Bitcoin further but it is not the only reason for the renewed interest and price appreciation.\u201d<\/p>\n<\/blockquote>\n\n\n\n

The departure of cryptocurrency from exchanges is a favorable indicator of self-custody adoption.<\/p>\n\n\n\n

A substantial decrease in Bitcoin reserves on exchanges may serve as additional evidence of the increasing prevalence of self-custody.<\/p>\n\n\n\n

Investors withdrew 427,000 BTC, or approximately $40 billion, in 2024, resulting in the lowest bitcoin reserves on crypto exchanges such as Binance and Coinbase in six years, according to CryptoQuant.<\/p>\n\n\n\n

\"Bitcoin
Bitcoin price versus exchange reserve. Source:\u00a0<\/em>CryptoQuant<\/em>\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a><\/figcaption><\/figure>\n\n\n\n

“The market continues to acknowledge the risks associated with leaving assets on centralized exchanges, a lesson that has been hard to learn from the collapse of numerous exchanges in the past,” Sanders stated. “The mantra ‘not your keys, not your coins' remains highly relevant.”<\/p>\n","protected":false},"excerpt":{"rendered":"

Trezor, a hardware wallet provider, has reported that the cryptocurrency self-custody trend has gained momentum as Bitcoin approached the $100,000 price point last week. The firm informed Cointelegraph on November 27 that Trezor has experienced a 600% increase in weekly wallet sales due to Bitcoin’s significant rally, resulting in a historic all-time high above $99,600. […]<\/p>\n","protected":false},"author":12,"featured_media":67336,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[152,8674,8622],"class_list":["post-101567","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-hardware-wallet-2","tag-trezor-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2023\/12\/croc_1703107465950.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101567","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=101567"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/101567\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/67336"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=101567"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=101567"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=101567"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}