- Europe to account for 37% of 2024 global crypto transaction value, study says.
- Asia seen following close behind at 36%.
- Study cites Europe's progressive regulatory framework.
Global crypto industry trading volume will exceed $108 trillion at the end of 2024, 90% higher than in 2022, according to a study by CoinWire.
Europe will emerge as the leading region, accounting for 37% of global crypto transaction value this year, the study predicts.
Trading volume in Europe in 2024 is projected to reach $40.5 trillion, a 270% increase from its $15 trillion volume in 2022.
The estimated volume for 2023 was almost $19.9 trillion.
This projected growth underlines Europe’s growing influence in the global crypto market, amid a strong financial infrastructure, increasing adoption of digital assets, and a progressive regulatory framework.
The EU Markets in Crypto-Assets regulations’ stablecoin rules went live last month, DL News reported, with regulations for crypto asset service providers to be implemented in December.
Hot on Europe’s heels, Asia ranked second in the study, seen contributing 36% of the world’s crypto transaction value and expected to reach $39.3 trillion by the end of the year.
Asia was followed by Africa at $10.8 trillion, South America at $7.8 trillion, and North America at $7.7 trillion in estimated trading volume for 2024.
The study examined centralised exchanges on CoinGecko with trust scores higher than 6, and factored in web traffic by country, peak trading time zones, supported languages, and headquarters locations to calculate trading volume by country.
Crypto market movers
- Bitcoin is up 3.36% today at $60,070.15.
- Ethereum is up 1.76% today at $3,194.02.
What we are reading
- Bitcoin Hits $60,000 as Trump Shooting Boosts Re-Election Odds — Bloomberg
- A firm linked to Cambodia’s ruling family is running an $11b crypto scam operation — DL News
- DeFi and gaming lead the way in blockchain innovation — The Street
