Europe Now World’s Biggest Crypto Economy: Boasts Over $1T Worth of Transactions

Since July 2020, Central, Northern and Western Europe (CNWE), has become the largest cryptocurrency economy in the world. Since then, the region has seen a significant increase in trading activity, especially in DeFi.

The European DeFi Boom

Chainalysis data shows that CNWE has received more than $1 trillion in cryptocurrency during the past year. This is 25% of all global trading activity. It is also responsible for at least 25% all crypto value received from other regions, including 34% in North America.

The EU is the largest global center for cryptocurrency trading volume. This is partly due to an increase in trading activity across all forms over the last year, mainly from institutional investors.

The value of large institutional transactions grew from $1.4B to $46.3B between July 2020 and June 2021. This accounted for half of all CNWE trading activity. DeFi protocols saw the largest increases, with more than 80% of large institutional transactions sent in June.

DeFi’s impact is further demonstrated when ranking coins according to transaction activity within the region. Although Bitcoin is the largest cryptocurrency in terms of market capital, it trails Ethereum in transactions volume among institutional investors. DeFi protocols also accounted for a large portion of the funds received by cryptocurrency service providers in CNWE in June 2021.

The Decline of Eastern Asia

CNWE has experienced significant increases in its crypto trading volume. Its new position as the largest trading hub in the world is due partly to the sharp decline of market share held previously by Eastern Asia, the former world leader.

The region held more than 30% of the global transaction volume in early 2019. Since then, this figure has fallen to 15% – significantly less than CNWE and North America and even Central and Southern Asia.

This could be due to China’s ongoing push to discourage and prevent crypto trading within its borders. China has been moving to block all exchanges within the country since the days that they re-announced the ban on crypto trading.

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Marla Brooks

Marla Brooks – Financial Analysis My name is Marla Brooks, and I am the mainstream behind the”observednews.com”  for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.

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