The Japanese Yen (JPY) has surpassed the United States Dollar (USD) for the first time as regards to the trade of Bitcoin (BTC) worldwide within the past 24 hours.
The Japanese Yen continues its ascent since last year November, as Bitcoin trades find solace in BTC/YEN pairings, knocking of the US dollars from the first choice spot. New data, from provider Coinhills, has revealed that almost five hundred thousand bitcoins—exactly 490,925.45—were exchanged against the Japanese Yen within the past day.
JPY which started its ascent to popularity in November after recording 21 percent Bitcoin trades against the Yen has steadily increased over the past two months. Over the past 24 hours, more than 49 percent of all bitcoin trades all over the world were done against JPY, as USD drops to a respectable 45 percent, coming second.
In November, when JPY commanded 21 percent of all transactions, 50 percent of all bitcoin transactions were traded against the United States currency. The new development sees both Japanese Yen and USD account for 95 percent of all Bitcoin trades against fiat currencies. South Korea’s won, the Euro, and British Pound would complete the top five on the list.
Asia Dictating the Crypto Market
The United States might be used to dictating a lot of things, leading the world in different sectors including asset management—the SEC might just be popular than the nation ‘Eritrea’—but in the world of cryptocurrencies and virtual assets, they do not hold the magic wand. The chairman of the US Securities and Exchange, Jay Clayton, famously said, when embroiled in the debate of digital currencies as securities:
“We’ve (the SEC) been doing this for a long time, and we’ve built a $19 trillion economy, a securities market that is the envy of the world, following these rules.”
Well, crypto assets are proving to be well different from securities and physical assets, given the influence of Asian countries on the global landscape. Despite the imposing hostility of the Chinese government on the digital currencies and crypto exchanges, the crypto space has continued to boom in other Asian countries, especially in countries such as Japan, Singapore, Hong Kong, and South Korea. South Korea for instance, was alone responsible for more than a third of all Bitcoin transactions in 2017. Combined with influences from Japan and similar Asian countries, the Asian market is still the major influencer in the crypto space.
Arthur Hayes, CEO of BitMEx Exchange did say of Asian influence: “Asia dominates cryptos because they’re very used to digital trading assets. South Korea has been trading digital goods related to gaming for two decades.”