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Bitcoin Trading in Japan Rises as Yen Turns Volatile

The share of bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of the year, data tracked by Kaiko show.

Since the Federal Reserve (Fed) started its aggressive interest rate hike campaign in March 2022, the Japanese yen has depreciated sharply, registering one of the most severe exchange rate turbulence on record.

The volatility has traders from Japan-focused digital assets exchanges turning to bitcoin (BTC), the world’s leading cryptocurrency by market value, widely touted as a hedge against traditional finance.

The share of bitcoin trade volume on Japanese exchanges rose from 69% to 80% in the first six months of the year, according to data tracked by Paris-based Kaiko. The total trading volume on Japanese exchanges was $4 billion in June, amounting to a 60% year-to-date surge.

The share of the bitcoin-Japanese yen (BTC/JPY) pair in total volume in bitcoin-fiat trading pairs has also increased from 4% to 11% this year.

“It signals rising appetite on Japanese markets,” Dessislava Aubert, research analyst at Kaiko, said in an email. Kaiko’s aggregate figures for Japan represent data from Bitflyer, Coincheck, Bitbank, Quoine, and Zaif.

Bitcoin is widely considered a digital gold and a hedge against traditional finance and fiat currencies, which are said to lack intrinsic or fixed value and are not backed by any tangible asset. Citizens from countries ridden with inflation and fiat currency volatility have previously embraced digital assets.

Bitcoin has surged 84% to over $30,000 this year while trading at a premium on Japanese exchanges.

“On average, BTC traded at a premium ranging between 0.5% and 1.25% on Japanese markets this year,” Dessislava Aubert, research analyst at Kaiko, said in an email.

The yen has depreciated 6.3% against the U.S. dollar this year, extending the past year’s near 14% slide. The divergent monetary policy paths adopted by the Federal Reserve and the Bank of Japan, which has maintained its pro-easing stance amid global tightening, have been primarily responsible for the yen’s decline.

The chart shows trading activity on Japan-focused exchanges has picked up faster than Korean markets and the Nasdaq-listed Coinbase exchange.

The trend might continue considering Japan already has a regulatory framework, unlike the U.S. where authorities still rely on enforcement to oversee the industry. Last month, Japan passed a landmark stablecoin bill for investor protection.

The yen volatility will likely persist as speculation is simmering that the Bank of Japan could announce a hawkish tweak to its policy next week.

Lastly, the unthinkable is happening – inflation is rising in Japan and a key gauge that excludes energy component recently hit a four-decade high. Higher inflation after decades of chronic deflation may see more robust demand for perceived alternatives like bitcoin.

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Coinbase Wins Supreme Court Ruling in Arbitration Lawsuit

The company’s clear legal victory in the U.S. high court isn’t about crypto, but it could play into future court disputes for all businesses.

Crypto exchange Coinbase won a reprieve from the U.S. Supreme Court on Friday, after the high court ruled that a lawsuit filed by one of the exchange’s users couldn’t proceed until Coinbase defends an appeal of a lower court ruling.

The ruling, which won a 5-4 majority, allows Coinbase to continue its effort to compel arbitration against the putative class action lawsuit, halting the lawsuit’s progress through the federal court system in the meantime. While this marks a win for Coinbase, it has little direct effect on the crypto industry.

“The sole question here is whether the district court must stay its pre-trial and trial proceedings while the interlocutory appeal is ongoing. The answer is yes: The district court must stay its proceedings,” wrote Justice Brett Kavanaugh on behalf of the majority.

Coinbase lost an initial ruling against the putative class action lawsuit, when the U.S. District Court for the Northern District of California denied its motion to compel arbitration. Coinbase lost an appeal of that ruling as well. The lawsuit was originally set to proceed on some of the case’s merits.

The Supreme Court ruling doesn’t touch on crypto issues beyond the fact that Coinbase is one of the two parties involved. However, it marks the first time a crypto company argued before the U.S. high court, and it may have implications on other lawsuits filed against the crypto exchange.

Coinbase can continue trying to compel arbitration after Friday’s ruling.

“We anticipate that the Ninth Circuit here, as we anticipate in [appeals] more generally, will proceed with appropriate expedition when considering Coinbase’s interlocutory appeal from the denial of the motion to compel arbitration,” the ruling said. “We reverse the judgment of the Court of Appeals and remand the case for further proceedings consistent with this opinion.”

Justice Ketanji Brown Jackson, who authored a dissent with support from Justices Elena Kagan and Sonia Sotomayor (and with Justice Clarence Thomas signing on to some sections), wrote that allowing the case to proceed would enable a balancing of all involved interests.

“The Court concludes for the first time that an interlocutory appeal about one matter (arbitrability) bars the district court from proceeding on another (the merits). That logic has such significant implications for federal litigation that the majority itself shies away from the Pandora’s box it may have opened,” Jackson wrote.

China’s Top Prosecution Agency Says Although Not Banned NFTs Have #prizmabet Crypto-Like Attributes

NFT collections, targeted in new published guidelines, have been gaining popularity in China since the country prohibited the trading of cryptocurrencies.

China’s highest national agency responsible for legal prosecution has warned non-fungible token (NFT) digital collections share “the attributes of virtual assets,” which are banned in the country.

The Supreme People’s Procuratorate of the People’s Republic of China published its guidelines for the treatment of NFTs on Monday, recommending stronger “risk research and judgment” and to “accurately punish crimes.”

After China cracked down on local crypto trading and cut off banks from offering crypto-related services in 2021, the local industry all but vanished – until NFTs stormed the scene, and started gaining popularity in China as “digital collectibles,” that didn’t fall into the same basket as high-risk crypto. But the prosecution agency’s new report warns otherwise.

“While it has high popularity, it is very likely to cause financial risks, management risks, network security risks, etc., especially the legal risks. Prosecutors are paying close attention,” the report from Monday said.

NFTs attach a unique digital identifier to virtual or real items, that allows proof of ownership to be recorded on a blockchain. China’s prosecution agency argues owners cannot really “enjoy” the ownership, particularly of digital art, which can still be replicated and distributed.

“From the perspective of property rights, consumers do not enjoy the ownership of the NFT digital assets they purchase in the sense of civil law, and consumers cannot prohibit others from accessing, copying or disseminating the digital assets mapped by NFT,” one author of the report said. “What consumers enjoy is only an exclusive right to prohibit others from tampering with the ownership of the NFT recorded on the blockchain.”

Despite China’s aversion to crypto, the country is looking to harness the blockchain technology that underlies virtual assets to build out national digital infrastructure.

“As a new application of blockchain technology, NFT has certain development potential,” the prosecution agency said.

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Edited by Parikshit Mishra.

Tether Says It Will Buy Bitcoin for Stablecoin Reserves Using Realized Profits #prizmabet

The company, which issues the $82 billion USDT stablecoin, reported $1.48 billion of net profits in 2023 Q1 and revealed $1.5 billion in BTC holdings.

Stablecoin issuer Tether will regularly buy bitcoin (BTC) for its stablecoin reserves using a portion of its profits starting this month as part of a new investment strategy focused on the largest cryptocurrency by market capitalization, the firm announced on Wednesday.

Tether said it will allocate up to about 15% of the realized profits from investments – excluding any unrealized price appreciation of its reserve assets – to purchase BTC and will add the tokens to the reserve surplus.

The company will custody the BTC stash on its own, without using any third-party custodians, according to the statement.

The development comes after Tether, the company behind the largest stablecoin on the market, the $82 billion USDT, revealed last week that it holds $1.5 billion of BTC and $3.4 billion of gold among the assets that backs the value of USDT and its smaller stablecoins. Some 85% of the reserves are held in cash and cash-like assets such as U.S. Treasury bonds, according to its 2023 Q1 attestation.

Stablecoins, now a $131 billion asset class, have become a crucial building block of the cryptocurrency infrastructure, facilitating trading and transactions between government-issued fiat money and digital tokens by keeping their price anchored to an external asset, usually to the U.S. dollar.

BTC investments

The firm’s BTC purchase campaign aims to strengthen and diversify the stablecoin reserves, while capitalizing on its price appreciation as an investment, the press release said.

“Bitcoin has continually proven its resilience and has emerged as a long-term store of value with substantial growth potential,” Paolo Ardoino, chief technology officer of Tether, said in a statement. “Our investment in bitcoin is not only a way to enhance the performance of our portfolio, but it is also a method of aligning ourselves with a transformative technology.”

The company said it will exclusively utilize realized profits from its investment operations for buying BTC, disregarding unrealized capital gains. It means that the firm considers “only the tangible gains from its operations,” consisting of the difference between the purchase price and net proceeds from an asset sale or, in case of maturing assets such as Treasury bills, between the purchase price and the reimbursed amount, per the statement.

Tether said that it also focuses on developing communication systems, energy and bitcoin mining infrastructure among its smaller investments.

For years, Tether has been criticized within the crypto industry for its lack of transparency about its reserves and controversial investment decisions.

However, the firm’s flagship token USDT emerged as a safe haven in March as the U.S. regional banking crisis hit Circle’s USDC, the second largest stablecoin. The sudden implosion of Silicon Valley Bank (SVB) left a part of USDC’s cash reserves frozen at the bank over a weekend, and several stablecoins lost their dollar peg temporarily in a knock-on effect.

Tether came out of the calamity as a clear winner by maintaining its price stability due to its perceived disconnection from U.S-based banks, being incorporated in the British Virgin Islands and Hong Kong. USDT’s circulation has grown 24% this year while most rivals have suffered significant outflows.

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Edited by Parikshit Mishra.