(Bloomberg) -- East Asia’s share of global cryptocurrency transaction volumes halved amid China’s crackdown on the industry, according to a study from Chainalysis.

The region received $590.9 billion of cryptocurrency between July 2020 and June 2021, equivalent to 14% of global activity in that period. That compares with 31% between July 2019 and June 2020, the report showed. 

Since the start of 2021, mining proceeds more than doubled for the top 20 mining pools outside China, versus a roughly 50% drop for those in China, according to the report.

The famously volatile cryptocurrency sector swooned under China’s clampdown but has since recovered its poise as mining shifted away from the world’s second-largest economy. Bitcoin has doubled since a June low and is in sight of the all-time high of nearly $65,000 set in April.

Read more: How China Keeps Rattling Crypto Markets, and Why: QuickTake

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