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Japanese Crypto Holders Prefer Bitcoin Over XRP And Other Altcoins: Report

by firstcryptonews
September 1, 2020
in Industry
Japanese Crypto Holders Prefer Bitcoin Over XRP And Other Altcoins: Report

Bitcoin has successfully recaptured its popularity among Japanese cryptocurrency holders in recent months. Japan Virtual and Crypto Assets Exchange Association (JVCEA) recently published a report which indicates that most Japanese crypto holders could be ditching altcoins en masse.

XRP was once the preferred cryptocurrency among Japanese crypto enthusiasts. In fact, the third-largest cryptocurrency dominated the market for quite some time as it had the largest number of crypto holders. However, over the past couple of months, investors in Japan have been shifting from the altcoin to bitcoin (BTC).

The Fall Of XRP And Rise Of Bitcoin In Japan
JVCEA shared a report on August 19 that shows investors’ crypto preferences in Japan. Per the report, bitcoin’s market capitalization dominance compared to the aggregate market cap of the rest of the cryptocurrencies in the Japanese market stood at over 87% back in April.

Notably, no other crypto was responsible for more than 7% of the overall traded volume. Still, in April, there was a significant increase in the number of active accounts for spot cryptocurrency trading in the crypto-friendly country of Japan.

A top market analyst at Japanese crypto exchange bitbank, Yuya Hasegawa, postulated that interest in cryptocurrencies among Japanese investors is currently skewed towards bitcoin. The massive growth in the number of active accounts shows that new users in Japan are only interested in the bellwether cryptocurrency, especially since last summer.

According to Hasegawa, Ripple’s XRP emerged as the biggest loser in the Japanese crypto market. The digital asset once accounted for roughly 40% of the monthly traded volume, but this trend has now flipped in BTC’s favor. For perspective, the figure slipped to 5% in the month of April.

Worth mentioning that XRP is continuing to battle serious securities lawsuits. Ripple, the fintech company responsible for the altcoin, has been hit with several lawsuits alleging that the digital asset is a security. While Ripple has made some efforts to have the lawsuits dismissed, the legal woes have made it rather hard for XRP to penetrate major markets as an investment choice as well as in terms of utility.

Bitcoin’s Dominance Globally Steadily Decreasing
Besides XRP, MonaCoin (MONA) also challenged BTC’s dominance in Japan in February. The coin’s monthly traded volume briefly pushed BTC’s dominance below 70% during that month, but the benchmark crypto’s dominance swiftly bounced back and hit over 87% in April.

Despite bitcoin gaining a solid footing in Japan, the assets’ dominance globally has been plummeting. Per data provided by CoinMarketCap, BTC’s dominance has not risen past 70% since January 2017. Presently, bitcoin’s dominance has fallen to a yearly low, with the top crypto representing 58.0% of the $370 billion aggregate crypto capitalization.

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NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world.  Contributing to the Greater Good  The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions.  The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more.  NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone.  NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks.  Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts.  According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships.  Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency.   The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin.  The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience.  More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers.  Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers.  According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow.  “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted.  The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

NYDIG, a leading bitcoin financial services firm, has announced that it will welcome the CFO of Bridgewater Associates John Dalby to its team. Dalby joins NYDIG as the new Chief Financial Officer (CFO) in what represents one of the biggest personnel shifts from the mainstream financial industry to the crypto world. Contributing to the Greater Good The new CFO held a similar position at Bridgewater Associates, the world’s largest hedge fund, before his appointment to NYDIG. Dalby said that he is delighted to join the team and was committed to helping NYDIG deliver innovative Bitcoin solutions to individuals and institutions. The former CFO of Bridgewater Associates joins NYDIG during a period of rapid growth. The leading provider of investment solutions for BTC recently raised over $200M in additional capital from a group of strategic partners. The funds came from top institutions such as Morgan Stanley, MassMutual, New York Life, Liberty Mutual, Stone Ridge Holdings Group, and more. NYDIG also launched a global Insurance Solutions practice that will spearhead the development of bitcoin-powered products and services for the global insurance sector. According to Robert Gutmann, Co-founder of NYDIG, Mr. Dalby brings deep financial services experience to help the crypto custody firm build institutional solutions that deliver BTC safely to everyone. NYDIG to Help US Banks Offer Bitcoin In what has been viewed by many crypto enthusiasts as another step toward crypto’s mainstream adoption, NYDIG has unveiled an industry-first bitcoin solution for banks. Rolled out in partnership with fintech giant Fidelity National Information Services, the new product will enable clients of some U.S. banks to buy, hold and sell BTC via their existing accounts. According to Patrick Sells, head of bank solutions at NYDIG, hundreds of smaller US banks have already agreed to participate in the program. The firm is now engaging some of the leading U.S. banks to join in and enable ordinary Americans to get access to BTC through their existing bank relationships. Until now, many BTC adopters have been forced to go outside of their traditional banking relationships to acquire the benchmark cryptocurrency. The vast majority of traditional banks have steered clear of offering bitcoin to their retail customers. Therefore investors often rely on crypto-centric companies like Coinbase or payment giants such as Square and PayPal to purchase bitcoin. The revolutionary solution from NYDIG will facilitate banks to offer crypto assets to their retail banking clients via a seamless, easy-to-use digital experience. More Banks Are Asking For Bitcoin Top Wall Street banks only recently warmed up to crypto and unveiled plans to allow their wealth management clients bet on bitcoin. However, they have so far refrained from offering the service to retail customers. Nevertheless, more traditional banks are now asking for bitcoin as demand for the asset mounts from retail banking customers. According to Yan Zhao, president of NYDIG, these banks are under increasing pressure to offer BTC to their clients as its reputation as a store of value continues to grow. “This is not just the banks thinking that their clients want bitcoin, they’re saying `We need to do this, because we see the data.’ They’re seeing deposits going to the Coinbases and Galaxies and Krakens of the world,” Zhao noted. The NYDIG head predicts that giant banking institutions could soon face pressure to offer bitcoin to more clients as smaller banks roll out their own crypto services.

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