Technology East Asia Crypto Transaction Volumes See Massive Slide After China Ban By Kevin Colleran On Oct 16, 2021 0 Share China’s consistent crackdown on cryptocurrency transactions over the past several months saw East Asia, as a region, slide massively from first place to fourth in terms of global cryptocurrency transaction volumes, as of June 2021. In terms of trade volume as per a report, the region saw total transactions to the tune of $590.9 billion (roughly Rs. 44,89,370 crores) between July 2020 and June 2021, which represents 14 percent of the global crypto activity during that timeframe. While that’s still a 452 percent increase year-on-year, it’s said to be among the slowest growing regions. According to blockchain data provider Chainalysis’ 2021 Eastern Asia Report, East Asia’s share of global cryptocurrency transactions fell from 31 percent in April 2019, when the region was by far the world’s largest crypto economy. China’s status as the top cryptocurrency mining country changed completely changed over the period of study, drastically impacting the region’s scores. (adsbygoogle = window.adsbygoogle || []).push({}); Data gathered from blockchain analysis reveals that the top 20 mining pools outside China saw mining proceeds spike to more than double, while the important mining pools in China saw proceeds drop by 50 percent. Of the $256 billion (roughly Rs. 19,18,460 crores) in cryptocurrency received in China between July 2020 and June 2021, 49% went to decentralized finance (DeFi) protocols, Chainalysis said. Hong Kong had a higher proportion of DeFi transactions, with 55 percent of the cryptocurrency going to DeFi protocols. (adsbygoogle = window.adsbygoogle || []).push({}); In contrast, just 15 percent of cryptocurrency received went to DeFi protocols in South Korea, the second-largest crypto market in East Asia. Japan, the third-largest crypto market, had 32% of cryptocurrency received going to DeFi protocols. Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts. Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article. (adsbygoogle = window.adsbygoogle || []).push({}); Stay connected with us on social media platform for instant update click here to join our Twitter, & Facebook We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines. (adsbygoogle = window.adsbygoogle || []).push({}); For all the latest Technology News Click Here For the latest news and updates, follow us on Google News. (adsbygoogle = window.adsbygoogle || []).push({}); Read original article here Denial of responsibility! TechiLive.in is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours. (adsbygoogle = window.adsbygoogle || []).push({}); AsiabanChainalysisChinachina crypto bancryptocrypto transactionscryptocurrency 0 Share