The United States is #1 across many financial metrics…..
Unfortunately, volume of crypto transactions is not one of those metrics.
According to sources, Europe has become the world’s largest crypto economy with an estimated $1 trillion in transactions over the last year alone.
This is largely attributed to a boom in the DeFi space.
We recently reported on Germany overtaking The United States in terms of Bitcoin nodes, and how the European nation is now #1 in the world when it comes to the amount of active Bitcoin nodes.
Could the conjunction of this news, as well as the large volume of crypto transactions be an indication that Europe is set to become a global leader in crypto?
Many are asking the same question:
Could Europe become a global leader in crypto?
According to new Chainalysis research, the continent has emerged as the world’s most active cryptocurrency block, receiving over $1 trillion worth of digital assets over the past year. https://t.co/v3Y4BQGo4m
— Cointelegraph (@Cointelegraph) September 28, 2021
DeFi makes Western Europe the world’s largest ‘crypto economy’ https://t.co/PoGdf7SKNx
— InsightCrypto (@insightcryptouk) September 28, 2021
Crypto Potato highlights these important facts:
Data from Chainalysis shows that CNWE received over $1 trillion in cryptocurrency over the last year alone. This represents 25% of global trading activity. Furthermore, it is responsible for at least 25% of all crypto value received by other regions, including 34% of the value received in North America.
Large institutional transaction value grew from $1.4B in July 2020 to $46.3B in June 2021, coming to take up half of all CNWE trading activity. The most pronounced increases were seen on DeFi protocols, where over 80% of these large institutional transactions were sent in June.
Most of Europe (excluding its Eastern portion) constitutes the world’s largest crypto economy, receiving $1 trillion over the last year, or 25% of all crypto activity worldwide, a Chainalysis report found. via @YahooFinance @DsHollers https://t.co/biM0uKTfdG
— Lisa Scherzer (@lisascherzer) September 28, 2021
Europe has seen 1T$ this year being move thru crypro. England is the largest crypto economy in Europe at 170 billion in transactions. Sounds like $QNT is getting really quamfy.
— °Multi×Pass°Trading (@MultiPassTrades) September 28, 2021
Coin Telegraph explained that The U.K. is the single largest crypto economy in Europe:
Perhaps surprisingly, the United Kingdom is the single largest crypto economy in the region at $170 billion worth of transactions. Nearly half, or 49%, of the value was sent via DeFi protocols.
“The U.K.’s growth is driven mostly by growing institutional investment, based on the large-sized transfers driving most of its transaction volume,” Chainalysis senior content marketing manager Henry Updegrave told Cointelegraph.
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