According to the analysis conducted by Chainalysis – the cryptocurrency, blockchain, software, services and market intelligence company – the monthly volume of cryptocurrency transactions in North America grew by more than 1,000% year-on-year.
During the period between July 2020 and May 2021, transactions grew from $14.4bn to $164bn, preceding a slight dip in June 2021.
During this period only Central and Southern Asia and Oceania (CSAO) and Central and North Western Europe had a higher share of transactions than in North America.
Despite all these positives, North America’s crypto market has had some serious issues with ransomware attacks. The North American market experienced the most ransomware attacks of any of the markets during the period studied.
North American users sent approximately $131m worth of cryptocurrency to ransomware attackers between July 2020 and June 2021. This total was more than double the next largest amount of money given to ransomware attackers from Western Europe.
The threat from ransomware to North American consumers prompted US President Joe Biden to issue a warning to Russian President Vladimir Putin that unless Russia could limit ransomware attacks – which primarily originate from Russia – that it would be escalated from merely a criminal issue into a national security issue.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.