Digital analytics firm Chinalysis reports that the rise in the popularity of decentralized money has led to growth in the North American crypto market.
Geography of the 2021 Cryptocu
rrency Report, Chinalysis Said From July 2020 to June 2021, monthly crypto transactions across North America increased by more than 1,000%. Monthly volume reached ১ 14 billion in May 2021, up from just 100 billion in June.
According to the report, the decentralized economy, or DFI, is largely responsible for maintaining its position as one of North America’s largest crypto markets worldwide. From July 2020 to June 2021, DFI transactions represent %% of the total transaction volume in North America, with residents sending about 6 26 billion in crypto to the DFI space platform.
The Central, Northern and Western Europe region sent the most to crypto – $ 389 billion, which is about 40% of its total transaction volume at the same time. Chonalysis said the “DFI whale” is responsible for turning the region into the world’s largest cryptocurrency economy, with most institutional-sized transfers moving towards decentralized financing platforms.
However, the report said North American DFI transactions were handled by retail investors last year, many of which were below 10,000 10,000. Uniswap was the most popular DFI platform in North America, with users sending more than বিল 100 billion in transactions between July 2020 and June 2021.
“Right now, DFI is looking at crypto insiders,” said David Gogel, Dividex Growth Lead. “It’s people who have been in the industry for a while and have enough funds to test new assets.”
Related: Is the center of cryptocurrency moving away from East Asia?
In addition, the East Asian crypto market is declining, probably driven by a regulatory crackdown on China’s crypto industry and mining. Choenalysys reports that the volume of P2P trade in China has dropped significantly compared to last year, ranking 155th globally compared to 53rd last year. Although East Asia still received 59 5.591 billion in crypto transactions between July 2020 and June 2021 যা an increase of 252% year on year সংস্থা the agency described the region as “slowly growing” in its analysis.
“Mining is not the only part of China’s cryptocurrency economy,” Chinalysis reported. “The government has taken other steps such as campaigning against cryptocurrency in state-sponsored media, issuing official warning messages on cryptocurrency-related apps, and leaning towards social media companies to suppress cryptocurrency-related content.”
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