The US Dollar Has 50% BTC-Fiat Market Dominance, Research Says
As per the reports, the US dollar has been dominating the BTC-Fiat trading throughout the past month. On average, it represents half of the BTC-Fiat trading.
While the US dollar is making an impact in the market, there are other leading currencies like the Korean Won (KRW) and Japanese Yen (JPY) which separately represents 21% and 16% respectively.
The last Bitcoin to Korean Won trading showed on an average only tenth of BTC trading among the leading five fiat currencies. However, according to the reports, there is seen a major spike in BTC to KRW trading in the time period of 7 October to 15 October. During this period, KRW showed one-third of bitcoin trade, that means a gain of 230%. In October, the trade volume of crypto had shown a rise in South Korea.
Decentralized Exchanges, Where Are They?
The most interesting thing seen in the reports is that decentralized exchanges (DEX) are not visible. The report also represents that the central exchanges are dominating the trade. The total per day average volume on the leading five decentralized exchanges is under $2.4 million, which is hardly 0.4% of the total exchange volume. Around 11% of the leading exchanges have been hacked, and only one-third of them keep the users fund in cold storage.
Vitalik Buterin, who is the co-founder of Ethereum, isnt very happy with the centralized exchanges. He said, It seems that despite the hype surrounding one of the blockchains main feats, users are still putting their trust into centralized solutions He had been seen criticizing the centralized exchanges in the past, where he said he hopes that the exchanges go to hell as much as possible.
Tags: Dollar, Japanese yen, South Korea, Korean won, Bitcoin