The BTC to JPY pair matches the world’s most popular and widely accepted cryptocurrency Bitcoin with one of the strongest fiat currencies – the Japanese yen. The pairing represents how many yen — which is the quote currency — are needed to buy one bitcoin — the base currency.
A decade on from its launch, BTC is the largest and most valuable cryptocurrency in the world. However, it still remains very volatile, offering huge potential for speculation. For that, many fiat currencies are used to acquire this digital coin with much of the activity happening in Asian markets.
As one of the largest economies in the East, Japan is a key player in the global crypto market. The country has a long history with Bitcoin from the name of its supposed creator, Satoshi Nakamoto, to the rise and fall of the Mt Gox bitcoin exchange, to its wide acceptance by the Japanese retail sector. For that, the importance of Japan in the crypto industry makes its currency a popular means of buying Bitcoin.
The Japanese yen is one of the most economically and financially important fiat currencies available. It is the third-most traded currency in the forex market and the fourth-most widely held reserve currency worldwide.
Its unique properties make the Bitcoin to JPY pairing one of the most popular crypto-to-fiat currency pairs in the market. Observing the growing number of BTC to JPY exchange transactions, it offers traders additional diversification to their portfolio and substantial opportunities to make profits.
Although the Bitcoin to Yen market has not developed into a global investment trend yet, the volume of the pair’s trades is increasing at a rapid pace, being well supported by the booming Japanese demand. The ultra-volatile nature of BTC/JPY backed by the ever-fluctuating crypto industry makes it a strong alternative to traditional Forex markets.
Proven to carry a high intrinsic value, Bitcoin has already cemented its position as the world's top cryptocurrency. Witnessing the rapidly growing acceptance of digital money worldwide and in Japan in particular, the trading interest in the BTC/JPY pair is very likely to grow significantly in the foreseeable future.
The pair presents both crypto and forex traders with a new method of diversifying their portfolios. Moreover, one can now profit from both negative and positive price swings. You can either go short or long, depending on Bitcoin to JPY’s rate movement, and benefit from the price difference.
You can convert BTC to JPY and trade this popular crypto-to-fiat currency pair at Currency.com, enjoying low commissions, market-leading spreads and x100 leverage.
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Bitcoin was launched in 2009 as a new type of digital currency. Through the years, it has gradually gained worldwide popularity to become the most widely-accepted crypto in the market. Today, it remains its strong position at the forefront of the industry, serving as the gold standard for emerging projects.
Due to its decentralised nature, BTC transactions do not require a middleman, meaning no banks or other authorities are involved. In addition to being an alternative payment network and a store of value, Bitcoin offers colossal opportunities for traders.
In April 2010, Bitcoin was launched at BitcoinMarket.com, the first cryptocurrency exchange, at a starting price of $0.0025 (¥0.27). The digital coin was quick to attract a lot of attention from the emerging crypto community, with the BTC price surging to generate more than a thousand per cent earnings to its initial owners.
In 2017, the BTC/JPY rate soared by more than 220 per cent and reached a whopping ¥2.18m. However, the coin fell down dramatically during the infamous crypto winter of 2018, losing more than 60 per cent of its value, with the BTC/JPY pair falling as low as ¥368,800 in December 2018. In 2019, the pair hit another peak of ¥1.39m in June and ended the year at ¥779,450.
As the cryptocurrency is not tied to any particular country, the economic and geopolitical factors have little to no influence on Bitcoin. Instead, you should keep an eye on its demand, adoption rates, regulations and market sentiment.
Japan is one of the leading economies in the world, with one of the highest GDP among nations. Since the inception of the Japanese yen in 1871, the value of the currency has grown considerably and this is, in large part, due to the strong Japanese industrial complex. Today, JPY is the third-most traded currency in terms of turnover after the USD and EUR and the fourth-most widely held reserve currency worldwide.
The JPY’s value is heavily influenced by a number of macroeconomic factors, including the GDP figures, industrial production, trade balance, inflation and interest rates; and sentiment around future developments.
Those interested in BTC/JPY pair trading should keep a close watch not only of crypto market news, but also monitor the latest economic reports and the Bank of Japan’s releases that may influence the value of JPY.
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