The Japanese Yen today overtook the US Dollar, the world’s premier reserve currency in terms of Bitcoin trading volume over the past 24 hours. This data, compiled by Coinhills, only stands to strengthen Japan’s standing in the global cryptocurrency market.
The report compiled by Coinhills suggests that over the past 24 hours, 490,925.30 BTC were traded against the Japanese Yen [JPY]. This accounted for 49.1 percent of all trades against the cryptocurrency. On the other hand, the US Dollar accounted for a lower 45.8 percent of all Bitcoin trades. This is the second time JPY has overshadowed the US Dollar in terms of Bitcoin trading volume over the past year. Together, the JPY and USD contribute towards a massive 94.9 percent of all fiat currencies that are traded against the world’s largest cryptocurrency. The world’s other leading currencies such as the Euro, the Korean Won and the British Pound lag far behind.
This development only stands to contribute to the argument that Japan is at the forefront of the cryptocurrency revolution that is slowly transforming the global economy. Japan’s present position has been achieved by the country being consistently friendly towards innovations and technologies. The country has allowed the free use and free trade of cryptocurrencies, allowing the industry to flourish on the islands.
Japan’s influence in the cryptocurrency industry is such that according to a new study, Asian markets led by Japan, South Korea and China have impacted the pricing in the industry by a significant 18.61% percent.
When compared to the Japanese Yen however, the US Dollar has seen a more turbulent time of late. Even the value of Bitcoin has fallen more dramatically against the US Dollar, as against its trade against the Japanese Yen. Further, when compared to the East, Western markets have been more cautious with respect to pushing forward regulations for the cryptocurrency market. In the United States for instance, cryptocurrencies such as Bitcoin are yet to achieve wider and mainstream acceptance which is why despite some efforts at the State and county level, a national framework for the industry is left wanting.
The rise of the Japanese Yen and the gradual fall of the US Dollar against Bitcoin trading could thus indicate the ascent of a major regional superpower in the cryptosphere.
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