Crypto Economy Barely Contracted Through June Even as Asset Prices Sank — Market Talk

The global crypto economy barely contracted in the 12 months that ended in June despite a roughly 50% drop in crypto asset prices, according to a new report from Chainalysis. Economic activity in the crypto space measured at $9.4 trillion in the year that ended June 30, down just 1.6% from year prior, the report says. The growing diversity of crypto use cases helped to blunt the impact of falling prices, the analysts say. Cross-border stablecoin activity accelerated sharply, person-to-person transfers gained ground globally, and Latin America actually increased its crypto activity, the report says. ([email protected])