USD dethroned as the most traded national currency via the Bitcoin to fiat market

24 Dec, 2018
by Colin Hawkins
News
USD dethroned as the most traded national currency via the Bitcoin to fiat market

The Japanese Yen is now crowned the king of the BTC to fiat market, beating the US dollar by 3.19%. Though the margin is slim, the Yen has a market share of 47.84% as the USD has a market share of 44.65% at the time of writing.

The Korean won and Euro round up third and fourth place for the most traded currencies in the BTC to fiat race. The Korean won is at 5.62% and the Euro is at 1.15%. All of this data was compiled by Coinhills, the crypto market live price tool.

Last year the dominant force in the BTC to fiat market was China. However, in September 2017, China banned Bitcoin exchanges and lost its lead as the largest Bitcoin exchange market, by trading volume. Since then they have dropped from, at one point, around 15%, to less than 7%. At the time China loss dominance, Japan grew but that growth was sour, due to their exchange hacks. One hack alone was estimated at $530 million, stolen from Tokyo based Coincheck.

Although these hacks caused Japan to lose market share, Japan introduced new guidelines that include a registration system, created by Japan’s Financial Services Agency (FSA). The FSA also made plans to maintain an internal control system.

In order to continue to grow Japan’s crypto to fiat market, they need to enforce appropriate security measures, have clear and concise regulatory framework, and tax laws that encourage innovation. Embedding cryptocurrency into more everyday transactions and encouraging blockchain coders to come up with inventive methods to do so is also ideal for growth.

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Read more about: Bitcoin (BTC)

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