North America Dominates Crypto Market With $1.2 Trillion On-Chain Value

According to CryptoPotato, North America has emerged as the dominant cryptocurrency market, boasting an estimated on-chain value of $1.2 trillion between July 2022 and June 2023. The figure accounts for 24.4% of the global transaction activity observed during this period. However, data also suggests that while North America has historically been a heavy adopter of DeFi and the region still leads the world in DeFi usage by raw transaction volume, its share of activity has fallen significantly over the course of the last year.Chainalysis' report points out that numerous DeFi protocols specialize in highly speculative trading, and these platforms recently created assets that are typically absent from their centralized counterparts. The assets tend to be the first choice for investors seeking to divest when market conditions turn unfavorable. Another significant factor contributing to the slowdown of DeFi in North America is the continued regulatory uncertainty within the US market.Despite the drop in transaction volume, North America managed to secure the fourth position in the blockchain analysis firm's 2023 Global Crypto Adoption Index. As the region bounces back from the crypto winter, the role of regulation in its recovery becomes pivotal. North America's crypto landscape has shifted from the high-profile crypto Super Bowl ads and celebrity endorsements of 2022 to an uncertain 2023 characterized by regulatory delays and the scrutinizing of well-established industry giants.