Published on August 3rd, 2018 | by bitcoin0
Results show Bitcoin Trade dominated by US dollar, not Japanese Yen
A deep dive by CoinDesk has found methodological flaws in widely-cited bitcoin exchange data that appear to overstate the importance of the Japanese yen as a trading pair.
Currently, analytics sites CryptoCompare and Coinhills offer a breakdown of bitcoin trading by currency pair, and until recently the data from both sites indicated that over 50 percent of bitcoin trading is denominated in Japanese yen.
In other words, the parties to these transactions are betting on the price of bitcoin, but no bitcoin is actually changing hands.
Still, after being contacted by CoinDesk, CryptoCompare changed its methodology, and its data now shows the dollar out-trading the yen.
Subsequently, CryptoCompare, which recently announced a data partnership with Thomson Reuters, indeed removed Biflyer’s derivatives market data from its calculations.