China’s continued crackdown on cryptocurrency trading over the past several months saw East Asia as a region that jumped from first place to fourth in terms of global cryptocurrency trading volume as of June 2021. In terms of trade volume, a total of $590.9 billion (approximately Rs 44,89,370 crore) was transacted in the sector between July 2020 and June 2021, which is 14 percent of global crypto activity during that time frame. represents. While this is still an increase of 452 percent year-on-year, it is said to be one of the slowest growing regions. According to the 2021 East Asia Report from blockchain data provider Chainalysis, the share of East Asia in global cryptocurrency transactions fell from 31 percent in April 2019, when the region was the world’s largest crypto economy. China’s position as the top cryptocurrency mining country completely changed over the study period, with a significant impact on the region’s scores. Data collected from blockchain analysis shows that mining income in the top 20 mining pools outside China has more than doubled, while the income of significant mining pools in China has seen a 50 percent drop. Chainalysis said that out of the $256 billion (about Rs 19,18,460 crore) in cryptocurrency received in China between July 2020 and June 2021, 49% went to the decentralized finance (DeFi) protocol. Hong Kong had a high proportion of DeFi transactions, with 55% of cryptocurrency going to the DeFi protocol. In contrast, only 15% of the cryptocurrency received went to the DeFi protocol in South Korea, which is the second largest crypto market in East Asia. Japan, the third largest crypto market, was moving 32% of its cryptocurrency to the DeFi protocol. Cryptocurrency is an unregulated digital currency, is not legal tender and is subject to market risks. The information in this article is not intended to be financial advice, trading advice or any other advice or a recommendation of any kind offered or endorsed by NDTV. NDTV shall not be liable for any loss arising out of any investment based on any alleged recommendation, forecast or any other information contained in the article.
