Most fundraising and M&A deals in the crypto sector are taking place in Asia and Europe, taking over from the Americas, says a new report from PwC.

Announced on CoinDesk’s Invest: Asia event on Thursday, PwC’s analysis of the crypto ecosystem revealed 41% of global fundraising deals in Q2 of this year took place in Europe.

During the same period in 2018, Europe registered 34% of global fundraising deals.

Furthermore, cryptocurrency fundraising deals in Asia have increased substantially, making up 26% of the deals in the second quarter of 2019.

Both regions accounted for 67% of global fundraising deals in Q2.

In addition, says Coin Desk, PwC’s report reveals an important decline in crypto fundraising deals in the Americas.

Although the region made up 51% of global deals in the second quarter of last year, the Americas registered just 28% in Q2 this year.

On a global scale, the total number of fundraising deals, as well as the amount of capital involved both fell by over 50% from a high of $408 million in Q1 last year.

However, taking into account the recent rebound price of Bitcoin, the world’s largest cryptocurrency by market capitalisation, the report shows an uptick in the value of global deals, growing to $250 million in Q2 this year from $166 million in Q1.

Lucy Gazmararian, senior manager of PwC’s fintech and crypto team, said at the Invest: Asia event: “The price of Bitcoin is the bellwether for the industry and for the sentiment of investors. As the price of Bitcoin has recovered, we see the sentiment has become more positive and have seen more activities in fundraising and M&A activities.”

The analysis carried out by PwC also showed a similar trend in regard to mergers-and-acquisitions. U.S. market dominance has fallen from more than 80% in the first half of 2018 to 48% in Q2 this year.

In addition, the number of M&A deals in Asia and Europe rose from 17% early last year to more than 50% currently.