Any stock market depends upon the performance of listed stocks to improve their trade volumes. However, the crypto market really exhibits trends opposite to expectations.
Despite its slip below $3,500, data from Coinhills, a crypto trading platform, shows that the Bitcoins exchanged against Japanese Yen (JPY) has supposedly outperformed those exchanged against the US Dollar (USD) in the past 24h trading period.
This is the second time in a span of two months that the Japanese fiat currency has surged ahead of the Dollar in trade volume of bitcoins.
Major Share of Bitcoins With Japan And USA
Data from Coinhills, as represented below, showcases the share of both currencies among all fiat currencies in the world, with JPY accounting for nearly 48.40% of all BTC tradings over the last 24h period while the USD accounted for a slightly lower but significant 46.21% at the time of going to press.
Together, their tradings account for nearly 96.40% of all BTC trading involving fiat currencies, all around the world.
The JPY/BTC has seen a tremendous growth, with JPY accounting for only 21% of all BTC trading back in November 2018. USD was the lone market giant back then with 50% bitcoin trading share.
Rise of Asian Crypto Exchanges and Firms
Japan, among other Asian countries, is trying to adopt regulations that would allow cryptocurrencies to contribute to the country’s economy in a certain way, rather than leaving it secluded.
Also, having in place basic regulatory frameworks, could give countries some measure of control on platforms providing crypto trade and services, to prevent scams and frauds, as has been the trend in recent times.
Japan, after a turbulent 2018 for its registered crypto exchanges and companies, gave the nod to one of its biggest cryptocurrency exchanges, Coincheck, after it underwent a stringent check by the country’s regulatory authority, the Financial Services Agency (FSA).
With Bitcoin having dropped out of it’s two-week consolidation period with a slide below $3,400 a couple of days prior to this report, the trade margin held by Japanese Yen at this point in time, may dwindle as bitcoin looks to stabilize or risk dropping out of the $3,000 club.