- BTC trading volume fell by 75% here
- And companies leave the market in search of better conditions
Ark Invest analysts have released a memo on the crypto industry.
It says that the United States is at risk of losing the cryptocurrency championship to competing countries. Namely, the UAE, South Korea, Australia and Switzerland.
The report begins with the announcement that the largest market makers Jane Street and Jump Trading have reduced their participation in the US domestic market.
“The U.S. crypto ecosystem was once populated by well-established and trustworthy institutions. Now she is facing a void that is likely to put a damper on interest from other institutional investors.” – writes expert Yasin Elmanjra.
Further, the expert cites data from CoinMetrics, according to which the volume of BTC trading in the country fell by 75%. In March, it was $20 billion a day, and last week it was only about $4 billion.
Elmanjra noted that last week the BTC exchange rate on Binance.US was $600 higher than the real one. This indicates that problems with monitoring services have begun in the United States.
“In the US, regulatory uncertainty seems to be discouraging both established firms and new entrants into the crypto space.”
As the US takes an increasingly hostile stance towards blockchain companies, some brands are already starting to look elsewhere for alternatives. Yesterday it became known that Strike is moving from Chicago… to El Salvador.