Crypto

Bitcoin (BTC): Europe becomes the largest crypto economy – CoinTribune

DeFi has become a major catalyst for the European crypto economy. Large institutions have also significantly increased their participation in transactions.

The Central, Northern and Western Europe region has become the world’s most active cryptocurrency block, receiving more than $ 1 billion in digital assets last year, according to a new study from the company. Chainalysis blockchain analysis.

The report, which was released on Tuesday, September 28, found that the region in question accounted for 25% of global crypto activity between July 2020 and June 2021. The region experienced a sharp increase in transaction volume across all subsectors. crypto industry categories, especially decentralized finance or DeFi.

Chainalysis describes crypto transactions as anything that involves trading, investing, and doing business.

Institutional investment approach

Europe has also become a hotbed for institutional investment, with deal values ​​in this category reaching $ 46.3 billion in June 2021, compared to just $ 1.4 billion in July 2020. Perhaps it is surprising to find that the UK is the largest crypto economy. in the region with $ 170 billion in transactions. Almost half, or 49%, of that number was sent over DeFi protocols.

“UK growth is driven primarily by higher institutional investment, based on the large transfers that drive most of its transaction volume,” Henry Updegrave, Senior Director of Content Marketing at Chainalysis.

A long-term bull market for Bitcoin (BTC), the increase in the number of competing smart contract platforms, and the advent of decentralized finance (DeFi) contributed to the massive rally in cryptocurrencies during the study period. It’s no wonder that European crypto market activity peaked in May 2021 at the height of the bull market.

The Chainalysis data corroborates a growing body of evidence showing that large institutional investors have become a driving force within the crypto space. Wealth managers, family offices, and other institutional players have allocated billions of dollars for Bitcoin (BTC) and Ether (ETH) investment products offered by Grayscale, CoinShares, 21Shares, and others.

Beyond advanced European economies, the Chainalysis study recorded the growing adoption of cryptocurrencies in emerging markets. Chainalylsis Global Crypto Adoption Index 2021 named Vietnam, India, and Pakistan as the top countries for adoption based on value received, retail transactions, and peer-to-peer trading volume.

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I like cryptocurrencies. I have been studying it for several years, but also investing in it and working in this field. Also, I do articles on the subject where I try to be sharp.

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