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US risks losing the crypto race to UAE, Korea, Aus and Switzerland: Ark

Published 05/22/2023, 09:05 PM
Updated 05/22/2023, 10:40 PM
BTC/USD
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The United States risks losing its position as a leader in the cryptocurrency race against countries including the United Arab Emirates, Korea, Australia and Switzerland,warns Ark Invest analyst Yassine Elmandjra.

In a May 22 note to Ark Invest clients, Elmandjra looked to the recent crypto-related pullback of trading firms Jane Street and Jump Trading as the early signs of a broader reaction to precarious regulation in the country.

Total USD-denominated Bitcoin trading volume since December 2022. Source: Bitcoinity.

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