• The Results of Chainalysis Europe has the world’s largest cryptocurrency market

  • Europe has become the world’s largest digital currency economy, with over $1 trillion in transactions.

    According to a report released on September 27 by Chainalysis, Europe has surpassed the United States as the world leader in cryptocurrency activity. The CNWE refers to the region of Central, Northern, and Western Europe in particular.

    Over the last year, the region has received more than $1 trillion in cryptocurrencies, accounting for roughly a quarter of global activity at the same time. Last year, the CNWE was ranked second, behind Eastern Asia. According to the report, the cause of this shift is largely due to CNWE’s growing interest in cryptos and a decline in activity in Asia.

    The United Kingdom is the largest of the 30 countries that make up the CNWE region, with $170 billion in transactions in the previous year. DeFi protocols were used to send half of it. With transactions totaling around $125 million and $115 million, France and Germany are ranked second and third on the list, respectively.

    The cryptocurrency market in Europe is rapidly expanding.

    The CNWE has an advantage over the rest of the world in that it is the most important crypto trading partner for all of the other regions in the study. The CNWE was in charge of sending a quarter of all the value received by other regions, as well as 34% of the value received by North America. The CNWE has seen a significant increase in transactions in all cryptocurrencies over the last year, particularly on DeFi protocols, on its way to becoming the international crypto hub it is today.

    CNWE’s cryptocurrency push, according to Chainalysis, began in July 2020, when massive increases in large institutional-sized transactions occurred. To be eligible, the transfers must be worth at least $10 million in cryptocurrency. The total amount from these large transactions increased from $1.4 billion to $46.3 billion between July 2020 and June 2021, according to the CNWE. The figures represent a 3,207 percent increase. Many of these transactions were to DeFi platforms, with the majority involving Ethereum and Wrapped Ethereum, according to the report.

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