BTC Trading In Japan Rises As Yen Turns Volatile
The Japanese yen has declined considerably since the Federal Reserve (Fed) began its aggressive interest rate raise campaign in March 2022, resulting in one of the most severe periods of exchange market volatility on record.
Because of the volatility, traders on Japan-focused digital asset exchanges are flocking to bitcoin (BTC), the world’s top cryptocurrency by market value, which has been heavily marketed as a hedge against traditional finance.
According to data maintained by Paris-based Kaiko, the share of bitcoin transaction volume on Japanese exchanges increased from 69% to 80% in the first six months of the year. The entire trading volume on Japanese exchanges was $4 billion in June, representing a 60% increase year to date.
The share of the bitcoin-Japanese yen (BTC/JPY) pair in total volume in bitcoin-fiat trading pairs has also increased from 4% to 11% this year.
(With inputs from Shikha Singh)
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