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The Japanese yen (JPY) has surpbaded the USD in terms of global bitcoin transactions over the past 24 hours.
Japanese yen tops the dollar
According to the data of Coinhills, the yen has officially surpbaded the USD in terms of bitcoin transactions worldwide. A total of 490,925.45 BTCs were traded against the yen in the last 24 hours.
Data show that 49.10 percent of all Bitcoin 00 The volume of transactions over the past 24 hours has been traded against the yen while the US dollar accounts for 45.80%.
Together, the two currencies account for up to 94.9% of all fiduciary currencies in BTC transactions. The Korean won, the euro and the British pound complete the top five pairs of Bitcoin trading in terms of volume. Although these are lower than the JPY and USD, they each represent less than 2% of the total volume.
JPY / BTC has gained considerable popularity in the last two months of 2018. In November, it accounted for only 21% of BTC transactions, compared with 50% for the USD. It remains to be seen whether the price of bitcoin will struggle to stay above $ 3,000.
What's changed?
In December, Bitcoinist reported on a study that Asia has more impact on the price of Bitcoin than America and Europe. The study cites important developments from Asia regarding cryptocurrencies, which had an average market impact of 18.61%.
Things are going really fast in the East. Just a few weeks ago, Coincheck, one of Japan's largest cryptocurrency markets, was registered with the Financial Services Agency.
In addition, a new partnership was formed between Blockstream, Digital Garage and Tokyo Tanshi, which will serve the Japanese Bitcoin market by launching a JPY ridge stablecoin.
In addition, last October, the country officially authorized the cryptocurrency sector to regulate itself, which has significantly increased the capacity of the JVCEA (Japan Virtual Exchange Association), now authorized to punish operators who do not do not comply with regulations put in place by local authorities.
What do you think of the Japanese yen outperforming the dollar in Bitcoin trading? Share your thoughts below!
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