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Bitcoin Trading in Japan Increases Due to the Sluggish Yen
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Bitcoin Trading in Japan Increases Due to the Sluggish Yen
Liputan6.com, Jakarta Since the Federal Reserve (The Fed) started aggressive interest rate hikes in March 2022, yen Japan has depreciated sharply, registering one of the most severe exchange rate volatility on record.
The volatility of the Yen has led traders from Japan-focused digital asset exchanges to turn to bitcoin (BTC), the world’s leading cryptocurrency by market value, which is widely touted as a hedge against traditional finance.
As a result of this, Bitcoin trading in Japan has increased. The share of bitcoin trading volume on Japanese exchanges rose from 69 percent to 80 percent in the first six months of this year, according to data tracked by Paris-based firm Kaiko.
The total trading volume on Japanese stock exchanges was USD 4 billion or equivalent to IDR 60.2 trillion (assuming an exchange rate of IDR 15,056 per US dollar) in June, an increase of 60 percent year on year.
The share of bitcoin and Japanese yen (BTC/JPY) trading pairs in total volume in trading pairs has also increased from 4 percent to 11 percent this year.
Bitcoin As a Hedging Asset
Bitcoin is widely considered digital gold and a hedge against traditional finance and fiat currency, which are said to have no intrinsic or fixed value and are not backed by any tangible assets.
Citizens of countries laden with inflation and fiat currency volatility have previously opted for digital assets. Bitcoin has jumped 84 percent to more than USD 30,000 or equivalent to Rp. 451.6 million this year.
Disclaimer: Every investment decision is in the hands of the reader. Study and analyze before buying and selling Crypto. Liputan6.com is not responsible for profits and losses arising from investment decisions.
Bitcoin Trading in Japan Increases Due to the Sluggish Yen
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