Japan has been making moves in recent times to position itself as a leading market for cryptocurrency. According to a recent report, it looks like the effort of the country’s financial agencies is paying off significantly. The report made it known that the Japanese (JPY) has officially overtaken the USD in terms of bitcoin trading globally.
Japanese Yen (JYP) Overtakes
The report shows that, within 24 hours, 395,512.39 BTC were traded against the JPY. This sums up to about 48.69% of the entire bitcoins traded within the 24 hours. For the US Dollar, a total of 368,651.82 BTC were traded, thereby giving it a total percentage of 45.37%.
Combined, the two currencies account for about 94.06% of the entire Bitcoin trades globally. These two were followed by the Korean Won, the Euro, and the British pound.
Comparing the dominance and popularity of the JPY in the crypto market to what it was just about three months ago, it is clear that the crypto market in Asian actively developing and more people are getting involved on a regular basis. In November 2018, JPY trade makes up about 21 percent of the total BTC trading globally. Then, USD has about 50 percent of the global BTC trades on lockdown.
The drop in price of BTC from a peak of USD 20,000 has been credited for the sharp increase in the use of JPY for BTC trading.
Asian has More Impact on BTC
According to a recent study, Asia has more impact on Bitcoin price than America and Europe. Asian has witnessed significant growth in crypto adoption recently, especially when it comes trading digital assets. The study reported that Asia had impacted the market by an average of 18.61 percent.
Recently, Japan’s top financial watchdog approved its 17th cryptocurrency exchanges. The approved exchange— Coincheck, has been recognized as one of the largest cryptocurrency exchange in the country. In addition to this, a new partnership between Blockstream, Digital Garage, and Tokyo Tanshi, was announced. The purpose of the partnership is to launch a JPY-pegged stablecoin.