Yen Traders Flock to DeFi, Pushing USD/JPY Volume on Gains Network Above Bitcoin
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The USD/JPY pair has surpassed BTC/USD as the most traded asset on DeFi platform Gains Network.
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USD/JPY registered a trading volume of $21.64 million in the past 24 hours, nearly 40% more than BTC/USD.
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Traders recently placed large short bets on USD/JPY and EUR/JPY on Gains, betting on yen appreciation.
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The yen bulls have faced disappointment this year, with USD/JPY rising 14.7% to 150.00.
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Bringing significant traditional forex market volume to decentralized platforms faces scaling challenges.