After bitcoin, the largest cryptocurrencies are Ethereum, Ripple, Bitcoin Cash and Litecoin. Japan is one of the largest bitcoin markets in the world, but regulators there have also been taking measures to warn investors about crypto-related scams. Japan cracking down on bitcoin exchanges is a significant development because the yen is one of the most used currencies for bitcoin transactions. Even the dollar lags behind the yen in bitcoin volume by currency. Bitcoin trading in yen terms makes up more than 57% of the global market.
A Monex acquisition of Coincheck could also open the door for increased crypto trading accessibility among U.S. traders because Monex owns TradeStation, a popular US-based trading platform.
For more information on the cryptocurrency market, visit our Bitcoin category.