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

Dub 01

Coincheck Offers Global JPY Trading Market For Bitcoin and Ethereum

Source: bitcoin

Bitcoinist_Global Expansion

Bitcoin companies expanding their services across borders will help to get the digital currency into the hands of as many people as possible. Coincheck, Japan’s largest bitcoin exchange which recently added an Ethereum trading pair as well, is expanding their service on a global scale. Anyone living inside or outside of Japan can now trade Bitcoin and Ether for JPY with their credit card or international bank transfer.

Also read: net-ARB and BTCJam Fallout Highlights Necessity of Smart Contracts

Coincheck Bitcoin And Ether Trading Opportunity

Even though the number of digital currency exchanges operating on a global scale has grown significantly over the past few years, very few of these platforms let users trade against JPY. Or to be more precise, it is all but impossible as a foreigner to trade Bitcoin and Ethereum against JPY, but that situation has come to change.

Now that Coincheck is opening their trading market to the public, parent company ResuPress Inc hopes to grow the monthly transaction volume and total user base exponentially. Keeping in mind how this exchange processes close to US$28m per month in trading volume and serves over 16,000 users in Japan, things are off to a good start for this platform.

Digital currency seems to be gaining more popularity in Japan these days, which is a positive trend for Bitcoin and Ethereum enthusiasts. Moreover, there has been a lot of demand from potential international clientele as to when Coincheck would open their exchange to people in countries other than Japan. Digital currency is available on a global scale, and supporting platforms and services should scale to that level as well.

The rise in popularity of digital currency in Japan can be attributed to some recent legislative changes. The Japanese Cabinet approved multiple new bills which will modernize the payments industry, and they even acknowledge bitcoin as a “useful currency”. Such news gave Bitcoin demand a healthy boost and is also part of the reason Ethereum was added to the exchange not too long ago.

But there is a major advantage for people who love arbitrage opportunities, as the BTC/JPY price is usually a lot of higher than any other trading market. Coincheck wants to attract international traders in this regard, as there are opportunities to make a good amount of money from experimenting with these margins.

International Payments Are Converted To JPY

Despite international users being unable to send a wire transfer in JPY, there is no need to despair. All of the wire transfers can be denominated in US Dollar, and the amount will be converted to JPY once it arrives in the Coincheck bank account. This conversion process is done free of charge, which is a nice bonus.

For the time being, Coincheck is running a campaign where 0% trading fees are implemented, which will run until April 14th. This applies to both the Ethereum and Bitcoin trading markets, and should help attract new customers from all over the world. Moreover, the exchange offers a lot of trading features, including leverage trading for both Ethereum and Bitcoin.

What are your thoughts on Coincheck expanding on a global scale? Will you look for arbitrage opportunities/ Let us know in the comments below!

Source: Coincheck Blog

Images courtesy of Coincheck, Shutterstock

The post Coincheck Offers Global JPY Trading Market For Bitcoin and Ethereum appeared first on Bitcoinist.net.

Coincheck Offers Global JPY Trading Market For Bitcoin and Ethereum