Where is the largest digital currency market in the world?

Despite the regulatory uncertainties, the crypto market remains a hotbed of activity. Meanwhile, data shows that North America continues to hold its position as the largest cryptocurrency market in the world.
According to research firm Chainalysis, from July 2022 to June 2023, 24.4% of the value of intra-chain transactions, worth $1.2 trillion, was processed in North America. Of this staggering figure, more than $1 trillion belongs to the United States alone, underscoring the country’s pivotal role in driving crypto activity in the region.

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However, despite this seemingly strong performance, this region has seen a significant decline in its share of Decentralized Financial (DeFi) activities in the past year. The declining share of North America, historically known as an adopter of the DeFi space, reflects a shift in market dynamics and preferences.
According to the China Analysis team, most DeFi platforms specialize in speculative trading and often create assets that are more exposed to market downturns. Such factors have helped to reduce the popularity of DeFi among investors and cast a shadow on the region’s dominance in this field.
In the meantime, it should be noted that regulatory uncertainties in the US market have increased the challenges facing the cryptocurrency sector in North America. In fact, the lack of a comprehensive regulatory framework has led to uncertainty and prevented some investors and businesses from fully embracing the potential of the digital asset market. However, North America has managed to take the fourth place in global cryptocurrency adoption in 2023.