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East Asian crypto industry left Europe far behind

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East Asian crypto industry left Europe far behind

East Asian crypto industry left Europe far behind
CONTENT

  • East Asia confirms its status as the largest cryptocurrency market in the world.

  • Chainalysis reports that it is 77% ahead of Europe in terms of the volume of cryptocurrency transfers..

  • In North America, there is also a trend towards the growth of the professional crypto market.

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The volume of cryptocurrency transfers to addresses in East Asia exceeds the same indicator in Western Europe by 77%.

East Asian crypto industry left Europe far behind

According to a recent study by analytical company Chainalysis, East Asia has once again confirmed its status as the largest cryptocurrency market in the world. It accounted for over 30% of all digital currency transactions in the past year..

Leadership by a wide margin

According to Chainalysis experts, according to the results of the last 12 months, the total value of cryptocurrency transfers, the recipients of which were addresses based in East Asia, exceeded $ 107 billion. This value is 77% higher than that of Western Europe, which became the second largest recipient region. cryptoassets.

Chainalysis believes that much of this leadership is due to the high mining activity in the Asian region. Thus, it is believed that China has the highest hashing power. The country accounts for about 65% of the global total.

East Asian crypto industry left Europe far behind

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As the report suggests, most bitcoins are mined in Asia, which provides the region with a powerful influx of liquidity.

While much of East Asia’s trading volume is driven by a strong professional market, the retail market is also extremely active, analysts add..

High liquidity makes the East Asian market the most self-sufficient in comparison with other regions of the world. 44% of the total volume of transactions are carried out between regional addresses.

We will catch up and overtake?

However, Chainalysis added that over the past year, East Asia has nevertheless begun to lose its share in the global cryptocurrency market in terms of activity. This may be partly due to stagnation in the segment of professional cryptocurrency trading, which forms about 90% of all volumes of the regional cryptocurrency ecosystem..

In addition, other regions of the world have also started to activate. So, recently, the editorial staff of BeInCrypto already talked about the fact that since the end of 2019, there has been a trend towards an increase in the dominance of the North American professional crypto market. Its lion’s share is formed by institutional investors who have begun to provide an impressive inflow of capital to the cryptocurrency markets, while they give a clear preference to bitcoin..

East Asian crypto industry left Europe far behind

However, Asia is hardly going to give up its positions without a fight. Earlier, the editorial staff of BeInCrypto has already said that the Asian region has turned out to be a leader in the regulation of the cryptocurrency industry, and is also actively developing blockchain technologies. So, at the moment, every South Korean heavyweight conglomerate has already officially invested in the blockchain..

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