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Bitcoin [BTC] to fiat trading is dominated by US Dollar as JP yen loses prominence, claims report




Bitcoin [BTC] to fiat; 2019 is the year of the US dollar as the JP yen loses prominence
Source: Pixabay

Bitcoin [BTC], the most dominant cryptocurrency in the market, and the US dollar, together, is the most popular crypto-fiat pair in the market. The turn of the year saw the Dollar step-up its fight against the Japanese yen [JPY], following the latter’s December 2018 dominance.

CryptoCompare, the virtual currency analysis firm, released its exchange review for March 2019 which looked at the trading volume of Bitcoin to Fiat. Studying the exchange volumes in seven prominent crypto-fiat trading pairs for the first quarter of the year, some telling signs were observed.

Although USD holds over 46 percent of all BTC trading into fiat for February and March, all signs are not positive. The BTC to USD volume was in continuous decline, dropping from over 1.4 million BTC in January to under 1.24 million BTC in February. Further, March saw a significant 26.2 percent decline to 0.92 million BTC.

The Japanese Yen, trailing the USD as the most dominant fiat currency in the market, held less than one-fourth of the total Bitcoin-to-fiat volume in the month of March, despite the growing cryptocurrency market in the country. From January to February, the JPY held its share of the market, which was soon wiped clean in the following month.

Absolute volume of the yen saw a drop from 0.9 million BTC to 0.48 million BTC in March. Given the yen’s decline, the Korean won [KRW] rose by 41 percent in March, cruising to 0.21 million BTC from a February low of 0.15 million.

Other dominant fiat currencies in the list were the Euro [EUR], the Polish Złoty [PLN], the British Pound [GBP], and the Russian Ruble [RUB]. However, CryptoCompare clarified that 95 percent of the total trading from BTC to fiat were made in four sovereign currencies, namely, the USD, JPY, EUR, and the KRW.

The US Dollar’s overtake of the Japanese yen in 2019 is an indication of the larger community’s fiat trading preference change and the performance of the respective fiat currencies. In December 2018, Coinhills reported that the JPY surged ahead of the US Dollar in the Bitcoin to fiat market.

Based on the aforementioned analysis, the JPY took 48.34 percent of the market while the US dollar took 43.77 percent. Corresponding to the current fiat preference, the Euro and the Korean won took the third and fourth spots, respectively.

A slew of regulatory changes by Japan’s Financial Services Agency [FSA,] coupled with the reinforcement of security measures by the country’s exchanges, saw their native currency rise in the BTC-fiat chart, albeit briefly, in December 2018. The country’s concern towards the digital assets industry, coupled with the USD slump towards the close of the year, resulted in the JPY taking the top spot.

However, since the re-opening of the US government, the Dollar has seen two cycles of upward movements. The initial few days of February and March saw the US Dollar rising, which allowed it to overtake the Japanese yen and take back its spot on the BTC-fiat ladder.

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Bitcoin [BTC] will be vulnerable to quantum computing if we’re not prepared, says Andrew Poelstra

Biraajmaan Tamuly



Bitcoin will be vulnerable to Quantum Computing without preparation, indicates Blockstream Researcher
Source: Pixabay

Security is an important aspect of every crypto-asset and Bitcoin [BTC] is often dragged into debates on whether the blockchain is protected from hacks or vulnerable to certain technological developments.

In a recent episode of whatbitcoindid, Andrew Poelstra, the Lead Researcher at Blockstream, was asked about whether Quantum Computing was a genuine threat to the existence of some Bitcoin on the current blockchain.

Poelstra indicated that the threat was evident, but it was still a long way off from being practical in the current technological field. He mentioned that he expected quantum computing to come into play against the security of Bitcoin in “maybe less than 15 years” and said that he would be really surprised if “it was less than 25 years”.

Poelstra said that it was necessary to take actions in the current scenario for post-quantum systems because he believed that without any preparation for the impending technological aspect, it did not matter how the future rested. Without preparation, the community was going to be blindsided, he said.

He stated,

“It’s important now that we started working on standardization and exploring ideas and exploring what Bitcoin is going to look like in a post quantum world but in the current scenarios there were no candidates for post quantum schemes that would be reasonable to deploy them in a Bitcoin.”

The introduction of quantum computing in the cryptocurrency scenario was a topic which was widely debated among other personalities in the community as well. Mati Greenspan, a prominent eToro Analyst, had started earlier this year that the threat only existed to Bitcoin if quantum computing was available to only one person.

If people or users collectively upgraded to quantum computers, then the Bitcoin miners would upgrade among themselves to protect it from an alleged 99% attack, which is possible with a quantum computer.

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