The Japanese Yen Grabs Leadership In Bitcoin-To-Fiat Trading

Japanese crypto enthusiasts strike back: according to the information of bitcoin index compiled by CoinHills data site, the Yen has become the most used fiat currency for bitcoin trading. It outperformed the US dollar on this market, with a share of 48.34% compared to 43.77% for the US dollar. Currently, dollar regained the leadership. But for how long?

The two currencies combined gain the respectful and solid 92-93% of the total BTC-to-fiat trading market. The third and fourth national currencies wouldn’t catch them soon: there are the Korean won and euro at 6.08% and 1.07%, respectively. The Russian Rouble is the fifth with 0.12%.

The concentration of crypto activities around the two currencies is hard to underestimate. And if the dollar isn’t something peculiar, the rise of the Yen is a thing to consider. After China prohibited cryptocurrency operations in the country, Japan took the lead in the region and summoned most crypto operators under its flag to become the Asian capital of crypto. The regulation of the sphere through FSA has been productive as well. According to Nikkei, over 200 companies from crypto and blockchain field wait to be licensed and allowed to operate. It is proof of the growing popularity of digital currencies in the country. Thus, it is possible that the Yen can compete with the US dollar in a long run.

Image courtesy of: Altcoinflow.com