According to a recent report by the audit firm PricewaterhouseCoopers, most of the financing and M&A transactions in the cryptocurrency industry are now taking place in Asia and Europe, and the US is no longer dominant.
The report, released at the Invest: Asia event on Thursday, found that 41% of global financing transactions in the second quarter of 2019 occurred in Europe through an analysis of the encryption ecosystem. In the same period last year, Europe only accounted for 34% of the share. Similarly, cryptocurrency financing in the Asian market has also increased significantly, accounting for 26% of financing transactions in the second quarter of 2019.
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At the same time, the report pointed to a significant reduction in crypto financing transactions in the Americas. Although the region accounted for 51% of global transactions in the second quarter of 2018, the Americas accounted for only 28% in the second quarter of 2019.
Globally, the total number of financing transactions and the amount of capital involved decreased by more than 50% from $408 million in the first quarter of 2018. However, due to the rebound in bitcoin prices over the past few months, the value of global financing transactions has increased, from the first quarter of 2019 to $250 million from the first quarter of $166 million.
Lucy Gazmararian, senior manager of the PwC financial technology and encryption team, said of this trend,
“The price of Bitcoin is the industry leader and the emotional vane of investors. As bitcoin prices pick up, we are seeing more positive emotions and seeing more activity in financing and M&A activity.”
The PwC report added that in the M&A sector, the dominant position in the US market fell from 80% in the first half of 2018 to 48% in the second quarter of 2019. M&A transactions in Asia and Europe jumped from 17% in early 2018 to more than 50% today.
Regarding the area of financing, Gazmararian added,
“Since the first half of 2018, we have seen investment in the encryption mining industry continue to consolidate, while investments in blockchain, exchanges and trading infrastructure are still active.”
By Liang CHE
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