Japanese Yen Bitcoin Trading

Increase in Popularity of Japanese Yen in Bitcoin Trade

Japanese Yen (JPY) has officially surpassed the US Dollars when it comes to the trading of Bitcoin, Coinhills data shows. In the last 24-hours time horizon, 490,925.45 BTC have been traded against the Japanese Yen.

Available data showed that the trading volume of the total Bitcoin that has been exchanged in the 24-hours against the Japanese Yen (JPY) reached 49.10%. It is significantly higher than the total volume of Bitcoin traded against the US Dollar, which stands at 45.80%.

It has been seen that the two fiat currencies – USD and JPY – when considered together account for 94.9% of the total Bitcoin trade. The top five fiat currencies involved in Bitcoin (BTC) trade include Japanese Yen (JPY), US Dollar (USD), Korean Won (KRW), Euro, and British Pound (GBP). Korean Won, Euro, and British Pound account for less than 2% of the total traded volume each.

Japanese Yen Bitcoin Trading

In the last couple of months of 2018, Japanese Yen against Bitcoin has significantly increased in popularity. In November 2018, JPY accounted for just 21% of the Bitcoin trade. During the same period, US Dollar accounted for 50% of the BTC trade. In just a couple of month’s time, the popularity of JPY in Bitcoin trade more than doubled to reach 49.10%. It now remains to be seen whether the Japanese Yen continues holding on to the first place in the BTC trade.

What led to Significant Increase in Popularity of JPY in Bitcoin Trade?

A report published by a crypto news agency showed that the price movement of Bitcoin is impacted more by the trade in Asian continent than that in the US or Europe. The study found out that massive development has taken place in case of cryptocurrencies when it comes to Asia. These developments have reportedly impacted the market by around 18.61%. One important development that took place a week before is the registration of Coincheck cryptocurrency exchange by the Financial Services Agency. In fact, Blockstream, Digital Garage, and Tokyo Tanshi have struck a partnership among them to launch a JPY-pegged stablecoin for serving the Bitcoin market in Japan.

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