The Story of Fiat-to-Bitcoin Trading Volume Over the Last 3-Years
Sep 28, 2018
- In 2016, fiat-to-Bitcoin trading volume was dominated by the Chinese Yuan (CNY) with 96.67% of volume, which can be attributed to the majority of Bitcoin mining operations taking place on Chinese mainland and the popularity of Bitcoin within China at the time.
- In 2017, the CNY dropped off to just 11.15% of fiat-to-Bitcoin trading volume due to China’s blanket ban on cryptocurrency trading that took effect in September.
- Fiat-to-Bitcoin trading volume through the Japanese Yen (JPY) and South Korean Won (KRW) picked up as Asian crypto investors flocked to nearby currencies.
- The U.S. Dollar (USD$) overtook the CNY in 2017 with 59.38% of fiat-to-Bitcoin trading volume as the Chinese crypto blanket ban took effect and cryptocurrencies began to gain popularity in the United States.
- Bitcoin also started to gain traction in European countries in 2017 demonstrated by the EUR accounting for 11.40% of 2017's volume.
- In 2018, fiat-to-Bitcoin trading volume has been dominated by the USD$ with 70.55% of volume so far this year.
- In Asia, fiat-to-Bitcoin trading volume has been dominated by the JPY as Japan has established itself as a pro-cryptocurrency country while South Korean officials wrestled with harsh crypto regulation early in 2018.
- Cryptocurrencies have remained popular in European countries in 2018 with 12.11% of fiat-to-Bitcoin volume being traded through the Euro (EUR) in 2018 and 1.45% of fiat-to-Bitcoin volume being traded through the Great Britain Pound (GBP)