After the United States, the countries of Central, Northern and Western Europe (CNE) represent the largest global epicenter of crypto trading volume. This demonstrates the high level of activity of traders in that part of the world and the acceptance that cryptocurrencies have there.
Thus, according to a recent Chainalysis report, the countries in this region account for 22% of the global Cryptocurrency trade. These data correspond to the period between July 2023 and 2024 and which represent an interannual growth of 44% in some of these nations. In total, almost $1 trillion in digital currencies were received in those countries in that annual period.
The analysis highlights the United Kingdom, which remains the main reference in this commercial sector, with almost 25% of the total in Europe. Next, there are Germany and France, while Spain is in fifth place, after the Netherlands.
An important aspect to highlight is that the countries of the European Union have clear regulations such as the MiCA law. Meanwhile, nations outside that region, such as the United Kingdom, are moving forward in creating their own regulatory framework for digital assets. As you can see, although it has less incidence compared to the US, Europe has enormous potential.
Countries in Europe account for almost 22% of cryptocurrency trading. Source: Chainalysis
Bitcoin-comanda-el-comercio-cripto-en-los-paises-europeos”>Bitcoin commands crypto commerce in European countries
Among the outstanding data from the Chainalysis report, it stands out that the volume of crypto trading in Europe is led by Bitcoin. In that sense, the largest of the digital currencies registered a growth of 75% in transactions less than $1 million dollars.
“Across all transaction sizes, BTC represented $212.3 billion, approximately one-fifth, of the total ECNO value received,” the Chainalysis report highlights. Despite this strong presence, when it comes to micropayments, BTC is far below stablecoins.
In ECNO countries, the flow of stablecoins amounts to approximately $422.3 billion. On the other hand, stablecoin purchases using fiat currencies also outperformed Bitcoin comfortably. Meanwhile, the euro exceeded 24% of stablecoin purchases in the region, while direct BTC purchases were 6%.
The latter is a clear suggestion that the first stop in the crypto world is stablecoins. Once these tokens are on the exchanges, investors decide to purchase Bitcoin according to their market perceptions. As far as the UK is concerned, the growth rate was 58%.
In this country, stablecoins dominate the commercial services sector, with an approximate market share between 60% and 80%. As you can see, stablecoins are increasingly becoming one of the biggest pillars for the world of cryptocurrencies. For most crypto users, the sector would be inconceivable without these tokens.
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