Derivatives trader Gordon Grant said that in addition to the Federal Reserve's policy change, the weakening yen also provided support for bitcoin. The dollar has been strengthening against the yen since Monday, providing further upside for bitcoin.
Gordon Grant said that the strength of the dollar against the yen has historically been beneficial for risky assets because the yen is often used as a funding currency for risk-appetite transactions, and investors seek higher returns by borrowing in low-interest currencies such as the yen.
Previously, the Bank of Japan announced earlier today that it would suspend interest rate hikes, leaving the policy rate unchanged at 0.25%, in line with market expectations.
Analysts: Weaker yen provides further upside for bitcoin
2024-09-20 10:26:50
Derivatives trader gordon grant representation fed policy change outsidedesk3cryptocurrencydesktopCrypto News
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