According to the financial services Coinhills on shopping a few yen (JPY)/bitcoin (BTC) now has 50,10% of the daily trading volume of the cryptocurrency. This means that the Japanese currency ahead of a leadership in cryptobytes Fiat currency — the us dollar (USD), which now accounts 43,17% of the volume of daily trading with bitcoin.
The American dollar is the de facto world currency for business and trade. This trend naturally came in the cryptocurrency industry. No surprise that the most popular services define the exchange rate for bitcoin against the dollar. In addition, the USD is tied most stabilio, including the most popular one Tether (USDT).
However, new data indicate that the least popular currency for trading with the bitcoin becoming the Japanese yen. Interestingly, only a month ago, according to the service CryptoCompare, trading pair JPY/BTC is occupied only 21% of the total volume of trading on the cryptocurrency market. However, you need to consider the fact that the data Coinhills was based on daily trading volume, not monthly, like CryptoCompare, therefore, to draw conclusions about long-term trends is impossible.
However, the study of another service Mosaic suggests that the Asian market has a greater impact on bitcoin price than American and European. If this trend continues, the American dollar will have to compete with the Japanese yen in the place of the main Fiat currency for trading.
The influence of the Asian market, probably due to favorable regulatory environment for cryptocurrency business in Japan. And society’s attitude towards cryptocurrency there are more positive, since payment is in bitcoins as taking online shopping or traditional.
Trading bitcoin in pairs with the yen and the dollar together constitute 93,27% of the total daily volume. In second place, followed by Korean won (KRW) with approximately 5.9% at the time of publication of news. In the period from October to November BTC/KRW gained significant popularity, due to increased trading activity in the Korean market. Some days the won auction of bitcoin stood at about half of the daily volume.
Following won followed by the Euro (EUR) to 1.08% of the total trading, the Polish zloty (PLN) to 0.17% and the Russian ruble (RUB) to 0.13%.
Factor that can affect the popularity of the yen in the cryptocurrency trading, it can become the p status of Japan in the “Big twenty” (G20) in 2019. At the same time the club of governments and heads of Central banks of the countries is going to come to grips with the regulation of cryptocurrency activities. Probably, the interest in this topic, the group sparked the idea of Japan to introduce in the agenda of the G20 anti-money laundering in the cryptocurrency sphere.