Cryptocurrency analysts name the country that has become a leader in the use of cryptocurrencies

According to analysts, the North American cryptocurrency market is more dependent on institutional activity than other regions. North America accounts for almost a quarter of all cryptocurrency transactions totaling $ 1.2 trillion, Chainalysis researchers said in a new report.

As analysts explained, most of the volume falls on the United States, which ranks first in the world in this indicator. Canada is the second largest country in the region and ranks seventh in the global ranking. The report shows that the North American cryptocurrency market is more dependent on institutional activity than other regions, with almost 77% of the volume coming from transfers of $ 1 million or more.

Over the past year, activity in the cryptocurrency market in the region has significantly decreased. This was driven by various negative events, such as the collapse of the FTX exchange and the banking crisis, which resulted in the closure of digital asset-friendly banks such as Silicon Valley Bank, Signature, and Silvergate. Most of the decline in activity was driven by institutional outflows, while retail investors and professional traders did not reduce their volumes.

In North America, there has been a decline in the use of stablecoins, which remain the most popular type of cryptocurrency asset.

As a reminder, according to Forex Suggest analysts published in September, Switzerland has outpaced the United States in terms of cryptocurrency adoption. The company’s report for this year showed that Hong Kong was in first place for the second year in a row, Switzerland came in second, and the United States dropped to third.

Also, at the end of August, Visual Capitalist published a ranking of EU countries in terms of cryptocurrency adoption. Slovenia topped the list of countries with the highest share of citizens investing in cryptocurrencies. According to the survey, 18% of the country’s population invests in digital assets. Croatia took second place in the ranking of cryptocurrency-friendly countries with 16%. Luxembourg, which has a reputation as a global financial center, came in third, although it is home to only 640,000 people.