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Japanese Yen surpasses US Dollars in BTC trading volume
Summary: In the past 24 hours, JPY (Japanese Yen) has exceeded US Dollars, and becomes the top currency in bitcoin trading. According to Coinhills data, there are 490,925.45 BTC in the exchange pool have been traded against JPY. 49.1% of all BTC traded in the past 24 hours are for Japanese Yen, while 45.8% of the ...
In the past 24 hours, JPY (Japanese Yen) has exceeded US Dollars, and becomes the top currency in bitcoin trading.
According to Coinhills data, there are 490,925.45 BTC in the exchange pool have been traded against JPY. 49.1% of all BTC traded in the past 24 hours are for Japanese Yen, while 45.8% of the BTC are for US Dollars.
The two currencies dominated the fiat/BTC trading process, while at the same time, with the Korean Won, the Euros, and the British Pounds, are the top five fiat currencies in BTC trading volumes. However, the last three currencies only account for less than 2% of the total BTC trades.
JPY/BTC trades have increased dramatically in the last two months of 2018. By last year November, JPY/BTC trades only account for 21% while USD/BTC trades are at 50%. It’s still unclear if JPY could remain its current trading status since BTC are struggling to stay above $3000.
The rally in JPY/BTC trades reflects the increasing influence of Asian market to the crypto world. In December 2018, a study reported by Bitcoinist, claims that Asia has more impact on bitcoin value than America and Europe.
A couple weeks ago, one of the biggest crypto exchanges in Japan, Coincheck has been recognized by the Financial Service Agency.
Meanwhile, the new partnership among Blockstream, Digital Garage, and Tokyo Tanshi will serve the BTC market in Japan with the launch of a JPY-pegged stable coin.
Last year October, Japan has officially approved self-regulation in the crypto industry, which increased the capability of JVCEA who may regulate and punch unqualified operators.
Image source: Pixabay
Author: Renee Wang
