InstaForex

September 30, 2021

Europe Is Now The World's Largest Crypto Economy!

 Central Northern and Western Europe (CNWE) is now the largest crypto economy in the world.


Records from Chainalysis revealed last year the county had received more than $ 1 trillion worth of cryptocurrencies, accounting for 25% of global activity.


Indirectly, that factor puts CNWE in second place before recording remarkable growth in the crypto sector starting July 2020 and pushing Europe to its peak this year.



This increase in retail activity also saw increased institutional investment, with 50% of cryptocurrencies being incorporated into decentralized finance (DeFi).


Highlights of the Chainalysis report:


There has been an increase in the transfer of crypto assets worth over $ 10 million since July 2020

The crypto transfers of institutional investors increased from $ 1.4 billion in July 2020 to $ 46.3 billion in June 2021.

During the period, the United Kingdom (UK) recorded the highest transaction value with a value of $ 150 billion and the DeFi protocol received 49% of it.

France, Germany, the Netherlands, and Switzerland also appear as the top-5 countries in Europe after the UK.

The average institutional investor per country makes more transactions in Ethereum (ETH) and wrapped Ethereum (WETH).

The UK saw 27% of transactions in Bitcoin (BTC), 40% in ETH and WETH.

Germany: 28% BTC transactions, 36% in ETH and WETH.

France: 20% in BTC, 45% includes ETH and WETH.

The use of stablecoin, on the other hand, recorded a consistent record of 25% -30% of transactions for most countries.

Altcoin recorded a usage of 8% -11% for most countries.

Uniswap, Instadapp, and dydx are among the popular decentralized exchanges (DEX), while for centralized exchanges (CEX): Binance and Coinbase.