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​Bitcoin wins big ripple in Japan

2019-09-10 10:45 am | Resource: News Section | No Views : 43

​Bitcoin wins big ripple in Japan New data released by the Japanese Association for Virtual Currency Exchange (JVCEA) revealed that as of April 2019, the value of Bitcoin holdings (BTC) in yen exceeded those in XRP on local exchanges.
As the local press reported on Tuesday, September 10, the rise in the value of Bitcoin holdings on stock exchanges coincides with the beginning of the currency's upward trend this year, which saw the highest cryptocurrency reach nearly $ 14,000 by late June.
The JVCEA is a self-regulatory exchange in the cryptocurrency market that was formed in March 2018, to help set standards for investor protection across the industry. The organization was granted formal self-regulation status by the Japan Financial Services Association (FSA) in October 2018.
In December 2018, the value of XRP holdings denominated in Yen was higher than BTC holdings - despite the world's largest market value of BTC.
This trend now appears to have reversed in 2019, as BTC continues to outperform the broader crypto sector.
JVCEA data indicated that during 2019, more and more XRPs are consistently aggregated - perhaps the growing number of banking partnerships secured by Ripple reflects its network of cross-border payments and transfers.
However, despite this accumulation, as the value of the symbol continues to fall, its yen-denominated value is declining.
The value of Bitcoin holdings denominated in Yen peaked in June 2019, while the peak measured in terms of the total accumulated BTC in April was recorded at 156,651 BTC.
As I mentioned, Japan witnessed a series of important cryptographic developments this fall, with the country's deputy prime minister addressing the industry's regulatory approaches earlier this month and news that the Japanese financial services giant SBI Holdings aims to seal the new self-regulatory approval - Regulatory body for special security offers in 2020.
The SBI also stated that Ripple's plans to invest $ 50 million in the MoneyGram payment service over the next two years will have a significant impact on its own business.

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