Things are evolving rapidly in the world of Bitcoin and cryptocurrency. Singapore-based exchange Quoine has catapulted itself to become one of the world’s five largest cryptocurrency exchanges out of nowhere. Most of this momentum can be attributed to the increased JPY trading in the Bitcoin market, as there are only a few exchanges supporting this currency. The bigger question is whether or not the platform can sustain this momentum over the next few weeks.
Quoine Becomes A Major Player in a flash
It is always good to see the competition between Bitcoin exchanges heat up over time, especially when unsuspected changes occur all of a sudden. Quoine is a cryptocurrency exchange most people have had very little experience with, yet they are currently one of the five largest Bitcoin trading platforms based on volume. An intriguing development that can be explained quite easily.
As it turns out, Quoine is trying to become the largest Bitcoin exchange as far as JPY trading volume is concerned. Up until this point, very few trades occurred in the JPY market for some reason, even though Japan is quite open-minded when it comes to Bitcoin and other cryptocurrencies.
bitFlyer, the other main Japanese Yen toBitcoin exchange, is not going down without a fight either though. Both platforms are competing on volume, and there is a very small margin separating the two. Arbitrage opportunities are present as well, as Quoine’s Bitcoin price is close to 1,000 JPY lower compared to bitFlyer’s. Although this is only a US$8. 73 difference, it is worth keeping an eye on to see if the spread gets wider over time.
That being said, Quoine will still have a long road ahead before they can officially overtake bitFlyer in JPY trading volume. Right now, there is a 12,600 BTC difference between both platforms over the past 24 hours, although that situation can change at any given time. It is nice to see Japan warming up to Bitcoin all of a sudden, albeit that move was not entirely unexpected given the recent changes imposed by Chinese Bitcoin exchanges.
Quoine is a cryptocurrency exchange focusing on two major cryptocurrencies: Bitcoin and Ethereum. Both currencies can be exchanged to and from Japanese Yen with relative ease, although it is clear Bitcoin is the favorite market right now. In fact, the Ethereum trading volume was just 6 ETH in the past 24 hours.
Some people may find it strange a Singaporean Bitcoin exchange offers a JPY trading pair. JPY Is not the only national currency they offer, though, as traders can explore EUR, USD, SGD, and various other global and Asian currency pairs as well. The platform runs on 0% trading fees, and margin trading is available up to 25x.
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