Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.
The U.S. dollar-Japanese yen pair has replaced the bitcoin-dollar pair as the most traded on the decentralized finance leveraged trading platform Gains Network.
Gains Network, initially released on Polygon and later on Arbitrum, allows users to trade financial derivatives of cryptocurrencies, foreign exchange and commodities by matching buy-sell orders using smart contracts. The USD/JPY pair has a registered trading volume of $21.64 million in the past 24 hours, nearly 40% greater than BTC/USD’s $15.51 million and highest among all assets, according toThese numbers reveal a growing interest in trading traditional markets over the DeFi rails. That said, the daily turnover in the global foreign exchange market is worth over $7 trillion. Bringing a sizeable chunk of that market on a decentralized platform is easier said than done, considering the scaling issues.
Perhaps these market participants expect the Bank of Japan to intervene in the foreign exchange markets to halt the yen’s slide. The yen bulls have faced nothing but disappointment this year, with USD/JPY rising 14.7% to 150.00. The way USD/JPY options have been priced recentlyfx markets," pseudonymous market observer DefiMoon said on X. “The last time USD/JPY got above 150 in October 2022; the BoJ stepped up biggly."The USD/JPY seller deposited $179.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Bitcoin Hits Triple All-Time Highs Simultaneously as BTC Price Teases $35,000Bitcoin surpasses all-time highs in Argentina, Nigeria and Turkey, approaching major price point
Consulte Mais informação »
NASA's OSIRIS-REx mission surpasses goal for collection of asteroid samplesThe curation team processing NASA's asteroid Bennu sample has removed and collected 2.48 ounces (70.3 grams) of rocks and dust from the sampler hardware—surpassing the agency's goal of bringing at least 60 grams to Earth.
Consulte Mais informação »
Protests Intensify Across US as Gaza Death Toll Surpasses 5,000Activists blocked rush hour traffic in Chicago on Monday in the latest direct action against genocide.
Consulte Mais informação »
Bitcoin bulls fight to hold $34K as CME BTC open interest surpasses 100KBitcoin slightly pulled back from its $35,300 high, but renewed interest in CME BTC futures is a huge positive.
Consulte Mais informação »
Death toll in Gaza surpasses 7,000 as aid groups raise alarm about fuelAid groups are escalating their warnings that a lack of fuel has reached a critical point across Gaza. The U.N. agency providing relief to Palestinians says it could run out of fuel within a day.
Consulte Mais informação »