New Crypto Trading Report Shows Japan’s JPY Currency Tops US Dollar in Terms of Overall Volume
As per newly acquired data from analytics provider Coinhills, the JPY/BTC pair has pushed past the USD/BTC pair in terms of its global trade volume. To be even more specific, we can see that over the course of the past day or so, a total of 490,925.45 BTC has been traded against the JPY.
In addition to this, market data points to the fact that around 49.0 percent of Bitcoin’s $3469.05 +0.14% trade volume over the past twenty-four hours has been exchanged against JPY — as opposed to the 45% of BTC volume that was traded against the USD during the exact same period of time.
Key Data To Keep in Mind
- The US Dollar and Japanese Yen account for a whopping 95% of all fiat related BTC trade.
- Following the aforementioned currencies, the other fiat assets which account for a bulk of the global daily BTC trade volume include the Korean Won, Euro, and British Pound (these currencies account for less than 2% of BTC’s daily trade volume).
- The JPY/BTC pair has only grown in popularity over the course of the past 90 days— the pair only accounted for 21% of the daily BTC trade volume up until early-November 2018.
So How Did Such a Change Has Come About?
As BitcoinExchangeGuide had been reporting to its readers since August last year, the Asian altcoin market has gradually been gaining more and more prominence within the global finance arena. For example, a study published in Nov 2018 clearly demonstrated that Asia had a much larger impact on the price of Bitcoin than North America or Europe. The study was highly detailed and took into consideration some of the major tech developments taking place within Asia (in regards to cryptocurrencies).
If that wasn't enough, just over a fortnight ago, one of Japan’s premier crypto trading platforms ‘Coincheck’ announced that it had been successful in registering with the nation’s FSA (Financial Services Agency) — a move that was welcomed by the global crypto community at large.
In closing out this article, it is worth noting that recently big-name players such as Blockstream, Digital Garage, and Tokyo Tanshi announced that they were coming together to sign a new partnership — through which they would like to create a new financial entity that will launch a ‘JPY-pegged stablecoin’ into the market.
Last but not least, late last year the Japanese government gave a nod of approval to its crypto industry to regulate itself. This move substantially increases the governance capabilities of the Japan Virtual Currency Exchange Association (JVCEA) — an organization that is tasked with the role of punishing operators who bypass Japan’s existing financial laws or KYC/AML regulations.