The post Hong Kong Crypto Growth Tops Eastern Asia – How Did It Outpace The region? appeared on BitcoinEthereumNews.com.

Hong Kong’s 86% year-over-year crypto transaction growth is impressive. Chainalysis reports that Hong Kong leads Eastern Asia in crypto adoption following this rise. The region ranks 30th in digital currency adoption internationally, indicating its potential as a major player. Factors Fueling The Growth Several factors drive this phenomenal increase. The regulatory environment of Hong Kong is unique. For example, Hong Kong has adopted a more benign attitude toward cryptocurrencies than mainland China, where high regulations have been implemented. This adaptability fosters financial innovation and attracts the attention of institutional and individual investors who wish to enhance their cryptocurrency portfolios. Source: Chainalysis The total value received at the market place is dominated by centralized exchanges, which hold about 64% of the total value received in Eastern Asia. This pattern indicates that investors use those centralized platforms to fulfill their trading needs. The crypto landscape is divided deep down in Eastern Asia. CEXs remain the favorite, holding a whopping 65% of the value on the market. The convenience and reliability of these platforms sway retail traders to them, but beneath such an underhanded truth is playing itself out – more institutional players are moving away from these centralized hubs. As of today, the market cap of cryptocurrencies stood at $2.01 trillion. Chart: TradingView.com Decentralized exchanges (DEXes) and decentralized finance platforms are becoming increasingly popular among institutional investors, despite the fact that regular traders prefer centralized exchanges. This change shows that larger participants are looking for various investment methods that can take advantage of market inefficiencies, which are typically the case in decentralized marketplaces. Eastern Asia Crypto Landscape In Eastern Asia, there has been a substantial increase in the use of cryptocurrencies in recent years. The region accounted for roughly 9% of the total value of cryptocurrency transactions between July 2023 and June…

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Filed under: News - @ September 18, 2024 10:08 pm