Bitcoin trading is rising in Japan. Japenese Yen has surpassed U.S Dollar in terms of Bitcoin trading of Crypto/Fiat pairs. The observation was made by the Blockmanity’s team on the popular cryptocurrency analytics website – Coinhills.
Last 24 hour trade volume between BTC/USD was 556,947 BTC, while for BTC/JPY it was 633,788 BTC. Bitflyer is the biggest exchange in Japan and currently accounts for 90% of the trade volume from the country. A total of 15 exchanges provide BTC/JPY trading pairs.
The data specifically includes Fiat pairs only and does not count the trading volume generated by USD Stablecoins. Currently, more than 60 exchanges provide BTC/USD pairs and over 300 exchanges provide BTC/USD(stable coin) pairs.
One of the possible reason for the decline of U.S Dollar trading would be due to the holiday season where most of the people in the west won’t be trading. The U.S Dollar trading volume are expected to rise up after 1st January 2019.
Cryptocurrency markets have slowed after a short bull run before Christmas. Bitcoin went below U.S $4,000 again. It is currently trading at $3,799. Investors speculate that Bitcoin will rise after the holiday season is over and have a spectacular New Year start.
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