When should a probit model be used?

Could you please explain in more detail when a probit model should be utilized in the realm of finance and economics? I understand it's a type of regression analysis, but I'm curious about specific scenarios where it's particularly suitable or advantageous. For instance, would it be ideal for analyzing the probability of a loan default based on various factors, or for predicting market trends in the cryptocurrency space? I'm eager to gain a deeper understanding of its applications and when it's most appropriate to apply this statistical tool.