Coinhills Data Shows Japanese Yen (JPY) Surpasses US Dollar (USD) in Bitcoin (BTC) Trading
The Yen (JPY) recently surpasses the USD in global USD trading. This is according to data released by Coinhills. The new reality dawned in the past 24 hours. According to the report, 490,925.45 BTC were traded against the JPY in those hours.
It was revealed that 49.10 percent of all BTC traded in the past 24 hours was exchanged for Japanese Yen while the USD accounted for 45.80 percent of all BTC traded in the same period.
JPY And USD Dominance
In the BTC market, JPY and BTC account for about 94.9 percent of all fiat/BTC traded. The Won, the British Pound, and the Euro round off the top five fiat currencies involved in the BTC pairs in volumes. However, the other three account for two percent or less of each all trading volumes.
In the last two months of 2018, the prominence of JPY/BTC grew significantly. In November, the JPY only held 21 percent of the BTC trading volumes while the USD held a 50 percent lead. However, it is not clear whether this will be sustainable as BTC struggles to remain above $3000.
In December 2018, a report showed that Asia had more sway on BTC than Europe and America. The study showed that various developments in Asia in regards to crypto had made a huge splash on crypto by as much as 18.61 percent.
In Asia, things are moving quite fast. Just a short while back, one of the largest crypto exchanges in Japan, Coincheck became officially recognized by the Financial Services Agency.
Besides that, a partnership between Digital Garage, Tokyo Tanshi, and Blockstream was forged. The arrangement will serve as a BTC market for Japan with the launch of a JPY-pegged stable coin.
Additionally, in October, the nation gave approval for the self-regulation of crypto. This helped to increase the capability the JVCEA, which can now punish operators that do not comply with stringent safety requirements of the authorities. Many have indeed predicted that if crypto goes mainstream, it will start in Japan. There are already major e-commerce stores in the nation that accept crypto.
The Decline Of The Won
While the Yen has grown in prominence, the Korean Won has cooled in the same period. Right now, it accounts for just 2% of the BTC market. About a year ago, it accounted for almost 50% of all trading.
The main reason why this might have happened is that the crypto craze in Korea is dying down. One reason for this is that the crypto prices have fallen a lot. The nation appears to be moving towards blockchain development. At its height, almost half of all adults in South Korea were involved in crypto trading. The fall of KRW/BTC trading pairs shows that the country is moving from crypto to the blockchain.
For instance, the government is currently looking into using the blockchain for voting. They are also examining the potential use of the technology for the various industries, including the financial sector.