{"id":11805,"date":"2023-10-30T10:06:23","date_gmt":"2023-10-30T07:06:23","guid":{"rendered":"https:\/\/blog.egemoney.com\/?p=11805"},"modified":"2023-10-30T10:13:41","modified_gmt":"2023-10-30T07:13:41","slug":"the-us-continues-to-be-the-leader-in-the-crypto-market","status":"publish","type":"post","link":"https:\/\/blog.egemoney.com\/en\/the-us-continues-to-be-the-leader-in-the-crypto-market\/","title":{"rendered":"The US Continues to be the Leader in the Crypto Market"},"content":{"rendered":"

North America remains the world’s largest cryptocurrency market despite ongoing regulatory actions.<\/p>\n

According to a recent report by Chainalysis<\/a>, the US continues to be the largest cryptocurrency market, accounting for 24.4% of global trading volume.<\/p>\n

The report published on October 23 stated that there was an estimated $1.2 trillion worth of transactions approved in the US between July 2022 and June 2023. Moreover, institutional transactions make up 76.9% of North America’s crypto trading volume, and activity is split between centralized exchanges and DeFi.<\/p>\n

Stablecoins Moving Away from the US<\/h2>\n

However, the report also noted that crypto activity has decreased due to the fight of financial regulators against cryptos following the major crashes last year.<\/p>\n

“There are data suggesting that crypto activity in North America has declined over the past year following negative developments like the crash of FTX.”<\/em><\/p><\/blockquote>\n

This year, activity in major US banks further decreased following the crashes in March. Additionally, stablecoin<\/a> activity is also shifting.<\/p>\n

“Since February 2023, we observed a relative decline in North America’s use of stablecoins compared to other digital assets.”<\/em><\/p><\/blockquote>\n

Trust in US dollar-pegged stablecoins was shaken with the collapse of Silicon Valley Bank, which carried a significant risk.<\/p>\n

DeFi Adoption is on the Rise<\/h2>\n

Despite the regulatory challenges mentioned above, DeFi adoption is on the rise in the North America region.<\/p>\n

It was reported that the total on-chain value that changed hands between July 2022 and June 2023 was an estimated $1.2 trillion, and this number is just slightly more than 24% of the global figure.<\/p>\n

At the same time, DeFi usage in the North America region continues to increase, especially in terms of raw trading volume for protocols where high speculative trading is conducted.<\/p>\n","protected":false},"excerpt":{"rendered":"

North America remains the world’s largest cryptocurrency market despite ongoing regulatory actions. According to a…<\/p>\n","protected":false},"author":5,"featured_media":11803,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[167],"tags":[],"class_list":{"0":"post-11805","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-cryptocurrency-news"},"yoast_head":"\nThe US Continues to be the Leader in the Crypto Market | Egemoney Blog<\/title>\n<meta name=\"description\" content=\"North America continues to be the leader in the cryptocurrency market, but stablecoin activity is shifting outside of the US.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/blog.egemoney.com\/en\/the-us-continues-to-be-the-leader-in-the-crypto-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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