Binance, the largest cryptocurrency exchange by trading volume globally, has recently announced the launch of new trading pairs with the Japanese Yen (JPY). Beginning at 11:00 AM Turkey time on March 12, 2024 (UTC), the platform will enable its users to trade prominent cryptocurrency pairs such as BNB/JPY, BTC/JPY, and ETH/JPY.
New Yen-Based Opportunities
The addition of JPY pairs is part of Binance’s strategy to diversify its trading options and attract a wider user base. In aligning with this expansion, Binance is also introducing a zero-fee trading period for these new spot trading pairs. Starting concurrently with the new pairs launch, this fee waiver will extend for a full month until April 11, 11:00 AM (UTC). Notably, this benefit will apply to other JPY spot pairs that may be added in the future.
As Binance rolls out these changes, Bitcoin‘s price remains relatively stable, currently trading at $66,270, which is a minor 0.5% uptick. Bitcoin’s market capitalization has hit the $1.3 trillion mark. However, its 24-hour trading volume has seen a hefty 40% reduction, now standing at $60 billion.
Crypto Market Fluctuations
The cryptocurrency market is experiencing a shift in dynamics. Interest in meme coins, such as Dogecoin, has noticeably waned; Dogecoin’s price dropped by over 8% to $0.152, and its trading volume halved to $3.666 billion. Similarly, Shiba Inu’s price fell by 12%, bringing its market capitalization down to $18 billion while maintaining its top-10 market ranking. Shiba Inu’s trading volume also plunged by 55%, landing at $5.5 billion.
This introduction of JPY trading pairs by Binance and the subsequent trading fee exemption period reflect the exchange’s commitment to broadening its services and maintaining its leading position in the rapidly evolving cryptocurrency market.