A deep dive by CoinDesk has found methodological flaws in widely-cited bitcoin exchange data that appear to overstate the importance of the Japanese yen as a trading pair.
Currently, analytics sites CryptoCompare and Coinhills offer a breakdown of bitcoin trading by currency pair, and until recently the data from both sites indicated that over 50 percent of bitcoin trading is denominated in Japanese yen.
In other words, the parties to these transactions are betting on the price of bitcoin, but no bitcoin is actually changing hands.
Still, after being contacted by CoinDesk, CryptoCompare changed its methodology, and its data now shows the dollar out-trading the yen.
Subsequently, CryptoCompare, which recently announced a data partnership with Thomson Reuters, indeed removed Biflyer’s derivatives market data from its calculations.
The weakening Yen may boost Bitcoin amid liquidity injections and currency devaluations.
Despite bearish signals, Bitcoin edged up to $62K, with eyes on $64K resistance.
A month ago, Arthur The post Bitcoin poised for growth as Japanese Yen hits record low appeared first on AMBCrypto.
The yen's volatile episode may spread to other fiat currencies as U.S. rate cuts remain elusive amid sticky inflation, which could drive investors to gold and bitcoin, Noelle Acheson said in an interview.
A Japanese company listed on the Tokyo Stock Exchange is offering loans secured by three cryptocurrencies: BTC, BCH, and ETH. Clients can borrow up to 300 million yen (~$2. 7 million) at varying interest rates.
Mining Kumamoto Electric Power Company and OZ Mining Corporation have announced that they will start operating a crypto mining farm from August, aiming to install 14,000 mining machines and reach 90 million yen profit by March 2020.
Kumamoto Electric Power Company and OZ Mining Corporation have announced that they will start operating a crypto mining farm from August, aiming to install 14,000 mining machines and reach 90 million yen profit by March 2020.
“Virtual currencies are processed cryptographically, a miner is the machine that supports this encryption process. If you mine Bitcoin, you can process 12. 5 bitcoins in 10 minutes, which would be the equivalent of 10 million yen, (US$ 90,000).
Japan’s SBI Virtual Currencies has added support for two major cryptocurrencies in addition to the one trading pair that its crypto exchange service, Vctrade, launched with. Users who pre-registered prior to the launch can now trade BTC, BCH, and XRP against the Japanese yen.
U. S. Securities and Exchange Commission (SEC) chairman Jay Clayton states that the SEC will not be bending the rules anytime soon when it comes to cryptocurrencies and that while bitcoin remains a commodity, all initial coin offering (ICO) tokens — or coins offered through a fundraising process — classify as securities.
Bitcoin‘s recent price rebound has captured the attention of the general crypto sector, which has put retail investors, especially new ones, on a high profitability as market conditions continue to display noticeable improvements.
Asian markets and U.S. stock futures experienced a downturn, with Bitcoin dropping over 2% to $56,300, reflecting a risk-off sentiment in financial markets following the presidential debate where Kamala Harris was perceived to outperform Donald Trump.
Analyzing Bitcoin and fiat trading pairs on centralized exchanges often reveals performance disparities that remain invisible when focusing on global or average prices. It shows how liquidity, geopolitical and economic concerns, and market sentiment affect performance.
In what could be a knock-on effect from the traditional market, which saw the Japanese yen tumble to a 34-year low against the U.S. dollar, leading cryptocurrencies such as Bitcoin, Solana, and Dogecoin all saw their prices drop in the last 24 hours.
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