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The US is likely to lag behind the UAE, Korea, Australia and Switzerland

The US is likely to lag behind the UAE, Korea, Australia and Switzerland

ARK Invest analyst Yasin Elmondjra warns that the US could lose its lead in the crypto race against countries such as the UAE, Korea, Australia and Switzerland.

A Communication For ARK Invest clients on May 22, Elmandjra took a look at the latest cryptoBack off Jane Street and Jump Trading are the first signs of a broader response to uncertain regulation in the country by trading firms.

“The US crypto ecosystem, once home to established and trusted companies, is now facing a gap where other institutional investors may lose interest.”

“In the US, regulatory uncertainty is discouraging both existing firms and new entrants into the crypto space,” he added.

ARK Invest is a global wealth manager led by CEO Cathie Wood that currently has more than $14 billion in assets under management.

Also, Elmandjra said that crypto liquidity in the US has decreased significantly. He noted that US Bitcoin trading volume has fallen by 75 percent in the past two months. That dropped from $20 billion a day in March to just $4 billion last week, he said, citing data from CoinMetrix.

Total Bitcoin trading volume as of December 2022, in US dollars. Source: Bitcoinity

As the US becomes increasingly hostile to digital assets and related companies, some crypto companies are gradually pulling out of the US.

Crypto exchange Coinbase Sued US Securities and Exchange Commission Because Ambiguity Regarding crypto regulation, it says it uses the UAE as a “strategic hub” for its operations. consider.

Coinbase isn’t the only big company considering a move to the UAE. Like Cointelegraph reportedSaqr Ereiqat, co-founder of venture capital firm Crypto Oasis, said the UAE is an “ideal” location for new and existing crypto businesses due to its friendly regulatory approach to digital assets.