Asia-Pacific Leads Crypto Growth in 2024; US Sees Institutional Acceptance
The crypto market witnessed significant shifts in 2024, with the Asia-Pacific region, led by India, Pakistan, and Vietnam, experiencing the most substantial growth in transaction volume. Meanwhile, the USA saw the launch of the first regulation-clear Bitcoin and Ethereum exchanges, backed by major financial firms such as Bank of America.
Crypto transaction volume in the Asia-Pacific region surged from $1.4 trillion to $2.36 trillion, a remarkable increase driven by countries like India, Pakistan, and Vietnam. This growth outpaced other regions, including North America and Europe, which saw transactions of over $2.2 trillion and $2.6 trillion respectively, but with less pronounced increases.
In the USA, a significant development was the launch of the first regulation-clear Bitcoin and Ethereum exchanges, supported by major financial firms such as Bank of America. This move, occurring around 2024, signals increasing institutional acceptance of cryptocurrencies. The SEC's approval of spot Bitcoin and Ethereum exchange-traded funds also contributed to a 49% growth in North America. Latin America also experienced a substantial 63% increase in crypto transaction volume.
The crypto market in 2024 was marked by significant growth in the Asia-Pacific region and increasing institutional acceptance in the USA, including Bank of America. These developments, along with regulatory clarity, have reshaped the global crypto landscape, with notable increases in transaction volumes across various regions.
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