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Japanese Yen Is On Track to Overtake US Dollar in Bitcoin Trading: Research

  • Alex Morris
    📊‍ Infographics

    After China’s crackdown on cryptocurrencies, the land of the rising sun has become a dominant force in the Asian market


Japanese Yen Is On Track to Overtake US Dollar in Bitcoin Trading: Research
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According to a new DataLight study, the US Dollar (USD) is the most traded fiat currency for Bitcoin (BTC). The Japanese Yen (JPY) comes in second place, trailing the dollar by a very small margin (48.67 percent and 45.38 percent, respectively).

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Will the US Dollar be overtaken?

The USD enjoys the status of a global currency that is accepted throughout the world, so it’s dominance in the cryptocurrency market is expected. However, the fact that the Japanese Yen is breathing down its neck is far more surprising. With a miniscule 3 percent difference, there is a good chance that JPY could become the most popular currency traded for the US dollar in the nearest future. Japan is enticing for crypto enthusiasts because of its Bitcoin-friendly regulations and a fast pace of merchant adoption.   

Together, the two dominant currencies account for a whopping 94.05 percent of the total trading volume.  

Other currencies

While the lion’s share of the market is occupied by the US Dollar and the Japanese Yen, one should also pay attention to the tiny piece of the pie that is left. The Korean Won (KRW) and Euro (EUR) take third and fourth places with 2.03 percent and 1.85 percent of the volume share, respectively.

The British Pound (GBP), the Polish Zloty (PLN) and the Russian Ruble (RUB) are among the top 10 entries. The Turkish Lira (TRY) sneaked onto the list with 0.16 percent (the country saw a spike in Bitcoin trading after the diplomatic spat with the US).
 


Cover image via u.today
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Institutional Interest in Bitcoin Continues to Grow: Report

  • Alex Morris
    📊‍ Infographics

    Institutional Bitcoin trading volumes have been on the rise since the beginning of April, but there is only one winner in this game
     


Institutional Interest in Bitcoin Continues to Grow: Report
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According to a new study published by Blockchain research firm Diar, institutional Bitcoin trading volumes are growing for the fourth consecutive month. The fact that the number of CME futures contracts skyrocketed since the beginning of April is the icing on the cake.

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CME’s dominance

 As reported by U.Today, CME Bitcoin futures saw their daily trading volume increase by a whopping 950 percent with 22,542 contracts on Apr. 4. In fact, the sudden rise in Bitcoin price was linked to the expiration of CME futures.  

So far, that level of interest remained steady with 11,873 contracts traded on Apr. 11.


Institutional Interest in Bitcoin Continues to Grow: Report

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The only winner

With CBOE pulling the plug on Bitcoin futures due to its inability to compete with its Chicago-based rival CME, there is a clear winner in this race. While Diar calls CBOE ‘the biggest loser’, Grayscale's Bitcoin Investment Trust (GBTC) is not exactly on the winning side, either. It now accounts for 24 percent of the market, lagging behind CME (a far cry from its 50 percent market share back in January 2018).

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New heights

The dominance of institutional products has been steadily rising since January. As of April, institutional money is responsible for 19 percent of the total Bitcoin trading volume (almost 8 percent more than during the market peak in January 2018). However, it has yet to match its 24 percent market share that was recorded in July.

Cover image via u.today
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