Led 30

Japanese Yen Overtakes the US Dollar in Bitcoin Trading

The Japanese Yen (JPY) has surpassed the USD in terms of worldwide bitcoin trading in the past 24 hours. 

Japanese Yen Tops Dollar

According to data from Coinhills, the JPY has officially overtaken the USD in terms of bitcoin trading throughout the world. A total of 490,925.45 BTC were traded against the JPY over the last 24 hours.

Data shows that 49.10 percent of the entire Bitcoin 00 trading volume for the last 24 hours has been exchanged against the JPY, while the USD accounts for 45.80 percent.

Together, both currencies account for as much as 94.9 percent of all fiat currencies in BTC trading. The Korean Won, the Euro, and the British pound round off the top five Bitcoin fiat trading pairs in terms of volume. Though these are dwarfed by JPY and USD, comprising less than 2 percent of the total volume each.

JPY/BTC has grown in popularity substantially over the last two months of 2018. In November, it accounted for only 21 percent of the BTC trading, compared to a solid 50 percent for the USD. But whether it will remain in at the top remains to be seen as Bitcoin price struggles to hold above $3,000.

What Changed?

In December, Bitcoinist reported on a study which claimed that Asia has more impact on Bitcoin price than America and Europe. The study cited major developments from Asia concerning cryptocurrencies, which had impacted the market by an average of 18.61 percent.

Thing are indeed moving fast in the East. Just a couple of weeks ago, one of Japan’s largest cryptocurrency exchanges, Coincheck, was registered with the Financial Services Agency.

Additionally, a new partnership was formed between Blockstream, Digital Garage, and Tokyo Tanshi, which will serve the Japanese Bitcoin market by launching a JPY-pegged stablecoin.

Furthermore, in October last year, the country gave formal approval for the cryptocurrency industry to regulate itself, substantially increasing the capabilities of the Japan Virtual Currency Exchange Association (JVCEA), which is now authorized to punish operators which fail to conform to the stringent safety regulations put by the local authorities.

What do you think about the Japanese Yen overtaking the Dollar in Bitcoin trading? Share your thoughts below!

Images courtesy of Shutterstock

Led 23

Bitcoin’s Liquid Sidechain Welcomes Japanese Yen Stablecoin

Blockstream has announced Crypto Garage, a joint venture with Digital Garage and Tokyo Tanshi, to serve the Japanese Bitcoin market. The partnership will soon launch the Liquid sidechain based SETTLENET suite, the first application of which will be a yen-pegged stablecoin.

SETTLENET on Bitcoin’s Liquid Sidechain

The SETTLENET suite aims to provide Japanese exchanges and OTC trading desks with enhanced liquidity, speed and security. Although why Crypto Garage feel the need to shout SETTLENET every time is anybody’s guess.

Exchanges can issue the JPY-token (L-JPY) on the Liquid sidechain, and trade it against Liquid Bitcoin (L-BTC) using atomic swaps. Atomic swaps allow instant, trustless, peer to peer trading between different types of digital asset.

Needless to say, Blockstream CEO, Adam Back’s tweet of the announcement attracted equal parts awe and mockery. The latter, in particular, from the Ripple-army, who were quick to point out how easily XRP could achieve this (though whether XRP is trustless is a different argument).

Compliant With Japanese Regulations

One of the Crypto Garage partners must have some friends in high places because SETTLENET has already received regulatory clearance. Both the Japanese Financial Services Authority and the Cabinet Secretariat approve. This leaves the JPY-token well-placed to be a key driver in Japanese Bitcoin market liquidity.

CEO of Crypto Garage, Masahito Okuma, said:

SETTLENET together with Liquid makes trustless Bitcoin trading a reality, in a sustainable regulated environment. This is going to lead to a huge boost in Bitcoin liquidity in Japan and cement the region’s place as a leader in the emerging Bitcoin industry.

Liquid Growth

The venture also marks the continuing growth of the Liquid Network sidechain since its launch last October. Blockstream market Liquid as a fast, secure, and confidential method for high trading-volume entities such as exchanges, brokers, and financial institutions to transact.

money laundering

JPY-token is just the beginning of Blockstream’s ambitions for the stablecoin market, according to CSO, Samson Mow:

We expect SETTLENET’s Japanese yen token to be the first of many stablecoin issuances on Liquid.

What do you think about the Liquid sidechain welcoming its first stablecoin? Share your thoughts!

Images courtesy of Shutterstock, Twitter/@adam3us

Led 11

Bitcoin Remains Stable As South African Rand Loses Value

Source: bitcoin

Bitcoin Remains Stable As South African Rand Loses Value

The world economy is still feeling the effects of turmoil originating from China, where the markets are still in chaos and investors are looking to liquidate assets at an alarming rate. As a result of this panic, other currencies are being affected as well, as it all comes down to finding a market with some liquidity. South Africa’s rand felt the brunt of that effect, as the currency lost a fair bit of value against the US Dollar. Bitcoin, on the other hand, kept a steady course.

Also read: The Bitcoin Foundation Unveils 2016 Plan, Might Shut Down Instead

Chinese Turmoil Causes Rand Drop

Similar to nearly every fiat currency in the world, the South African rand has its value tied with the US Dollar. Considering how the US Dollar is the main trading currency for every other currency out there, this is also the one market where traders should be able to find some type of liquidity at all times.

Speaking of trading liquidity, this will not be provided by the Chinese markets anytime soon. With the stock markets being closed early twice last week, and further devaluing of the Yuan being very likely, it will be hard to get rid of those assets at a decent price. Investors and traders are forced to liquidate some of their other assets to make up for those losses.

By going after the South African rand, investors active in the trading ecosystem exposed yet another fatal flaw in our financial world: currencies can lose up to 10% of their value in a heartbeat. Not because the rand is a weak currency, by any means, but simply because a group of investors decided to liquidate their holdings in favor of the US Dollar.

In fact, it looks like Japanese investors are responsible for a large part of this trend, as they have to exchange their rand for US Dollars and then convert those to Japanese yen. Regardless of who is responsible, this is not a good sign for the South African economy by any means, as losing 10% overnight is an incredibly steep margin.

As one would come to expect from such a price crash, the Japanese yen saw a major surge in value, and the US Dollar lost some of its momentum on the charts. However, this does not affect the US Dollar as badly as it could have, considering how it is still on the right track to reach parity with the Euro at some point.

Bitcoin Holds Its Ground Despite Worldwide Fiat Woes

These days, hardly anyone will be surprised to hear none of these fiat currency woes are affecting the Bitcoin price all that much. While there is a minor downward trend on the charts during the morning hours, the popular digital currency is firmly holding ground around the US$440 mark.

Slowly but surely, investors are starting to see the real value of Bitcoin, rather than looking at things from a speculative angle. Bitcoin has proven to be far more stable than any currency in existence as of late, and that trend looks to continue for the foreseeable future.

What are your thoughts on the South African rand value drop? Which currency will be next in line for a downward trend? Let us know in the comments below!

Source: Reuters

Images courtesy of Shutterstock, Lipstick Alley

The post Bitcoin Remains Stable As South African Rand Loses Value appeared first on Bitcoinist.net.

Bitcoin Remains Stable As South African Rand Loses Value