Ark Invest: The U.S. may lose its leading position in cryptocurrency to countries like the UAE and South Korea

ChainCatcher news, Ark Invest analyst Yassine Elmandjra wrote in a report on Monday, "In the U.S., the uncertainty regarding regulation seems to frustrate both existing companies and new entrants in the cryptocurrency market." The U.S. risks losing its leading position in the global crypto ecosystem to countries like the UAE, South Korea, Australia, and Switzerland.

Elmandjra cited data from CoinMetrics indicating that the daily trading volume of Bitcoin in the U.S. has dropped from $20 billion in March to about $4 billion, a decrease of 75%. Additionally, last week, the price of Bitcoin on Binance.US was $600 higher than on other exchanges, indicating a weaker price discovery capability in the U.S. (source link)