Sunday, August 25, 2019

Report: Japanese Yen is the World’s Leading National Currency in Bitcoin Trading

According to Coinhill’s report on February 3, more Bitcoin has been traded for the Japanese Yen within the past 24 hours. Bitcoin’s trade against the Yen is also higher than that of the U.S. dollar, and it has been the case since the new year began. Other currencies that have topped the charts are Korean Won, Euro, British Pound, and Turkish Lira.

Bitcoin Has Been Highly Traded for the Japanese Yen

Coinhill, a platform that displays the market prices of cryptocurrencies in real-time revealed that Bitcoin had been highly traded for the Yen in the past 24 hours. The fiat currency accounts for BTC volume of about 409,000 which is 51.92 percent of the entire Bitcoin that has been exchanged within the past 24 hours.

Alternatively, the Bitcoin volume that has been traded for the U.S. dollar is about 344,000 which denotes a percentage of 43.68. Other than the Japanese Yen and U.S. dollar, other national currencies that have made the top 10 list are Korean Won (11,051 BTC), Euro (8,689 BTC), British Pound (5,070 BTC), Turkish Lira (3634 BTC), and Russian Rubble (1673 BTC)

Yen, the Top National Currency Based on Bitcoin Trading Volume

Therefore, this places the Yen as the top national currency given that its Bitcoin trading volume is the highest in comparison with other fiats. This can be attributed to some activities that have occurred in Japan and generally, Asia which may have led to this development.

For instance, BTCNN on December 23 informed of a report from Mosaic, a cryptocurrency data and research company. According to the company, news emerging from Asian countries have impacted significantly on Bitcoin’s price. They also pointed out that 20 out of the 37 exchanges that were launched in 2017 are based in these countries. Moreover, several Asian languages are being used on these platforms.

Related Article:  Overstock's tZero Cryptocurrency Trading Platform to go Live Next Week

190 Companies Show an Interest in Launching Products in Japan

On December 28, it was also revealed that 190 companies had shown an interest in launching products in the Japanese market. The Financial Services Agency (FSA) confirmed the news and also added that this is an increment from the 160 companies that had made inquiries in August 2018.

BTCNN on December 11 also reported that the Japanese government plans on reducing the tax levied on crypto investors and companies in the area. The decrease was attributed to the volatile nature of the market where it is possible for an investor to make more losses than profit. In October, a team of experts had to be organized to guide the government in taxation.

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