Over $50 billion in cryptocurrency flowed out of China over the past 12 months amid trade wars, a new study finds. East Asia is the world’s largest cryptocurrency market; its crypto trading volume is driven by “a robust professional market” as well as an “extremely active” retail market.
The World’s Largest Crypto Market
East Asia is the world’s largest cryptocurrency market, a new report from blockchain data analytics firm Chainalysis shows. The region, which includes China, Hong Kong, Macau, Japan, Mongolia, South Korea, and Taiwan, accounted for about 31% of all cryptocurrency transacted in the last 12 months.
In an excerpt from its upcoming 2020 Geography of Cryptocurrency report, Chainalysis explained that more cryptocurrency was sent from East Asia than other regions to foreign addresses. “Over $50 billion traveled from East Asia addresses to addresses in other regions, compared to just over $38 billion for Western Europe, the region next in terms of value sent out of the region,” the firm revealed.
Most of the…