Crypto Trade Conquers Asia with a 706% Rise in Volumes

  • October 5, 2021
  • Jennifer Moore

Recent market trends reflect a huge surge in crypto trade all over Central and Southern Asia. This indicates a willingness among investors hailing from these regions to bet big on digital assets like Bitcoin (BTC) and Ether (ETC).

Chainalysis 2021 Report

Chainalysis, an analysis firm specializing in blockchain, revealed reports highlighting a 706% rise in crypto transactions throughout Central and South Asia, along with parts of Oceania just within a year. The region includes nations like India, Vietnam, Pakistan, and others. In terms of capital, the total transaction value is currently at USD 572.65 billion, an amount equivalent to 14% of global trade figures.

Asia: Global Leaders in Crypto Adoption

Large payments and institutional trading comprise the largest percentage of Asian crypto transactions. This further attests to worldwide trends of smart crypto adoption. At 42%, India has the biggest percentage of institution-sized transfers with funds exceeding $10 million. The figure scales 29% and 28% for Vietnam and Pakistan respectively. 

In Finder.com’s latest crypto survey report comprising 42000 participants from 27 countries- Vietnam leads in crypto adoption rates. 41% of Vietnamese respondents already had crypto investments. The country ranks 53rd worldwide on the basis of economic GDP. However, a Cointelegraph report also affirmed Vietnam as the 13th worldwide leader in actualized Bitcoin gains in 2020.

Also Read: Is Bitcoin the New Gold of India? Insights on the Indian Crypto Market

Europe Holds onto its Lead in Trade Volumes

The aforementioned Chainalysis report is the 2nd installment to a series of reports on crypto trading. Central, Northern, and Western Europe have combined together to become the biggest global crypto economy as per the 1st report, exceeding USD 1 trillion in crypto trading over the 1 year period. From July 2020 to June 2021, institution-based transactions rose from USD 1.4 billion to USD 46.3 billion.

Through the reports, it is clear- European markets have an overwhelming dominance in crypto transactions while Asian nations lead in overall adoption. While Vietnam occupies the top spot, India and Pakistan rank second and third in the worldwide cryptocurrency adoption index report by Chainalysis.

Crypto Trade Prominence in Africa and South America

Meanwhile, crypto trading and related activities are increasing in Africa as well. P2P crypto exchanges are being set up at different locations in Africa. Nations like Kenya and Nigeria are warming up to platforms such as LocalBitcoins or Paxful. South America now houses 2 crypto exchanges with over USD1 billion in valuations with the Mercado Bitcoin being the second. Also, El Salvador is the first nation to accept Bitcoin as legal tender.

Read More: El Salvador Allows a Fuel Subsidy of $0.20 per Gallon to Citizens who Pay in BTC.

Final Thoughts

The popularity of crypto trading is spreading worldwide. Asian countries may lag behind their European counterparts in terms of trade volumes but are actually in the front in terms of adoption.

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