Attention Bitcoin Traders, the Japanese Yen Is Strengthening Again
A similar yen outperformance early this month, triggered carry unwind and rocked risk assets, including cryptocurrencies.
Yen
Bitcoin Drops 15% Against Japanese Yen, Outpacing Declines Versus USD, as Yen Carry Trades Unwind
Japan raised interest rates by 0.25% last week, leading to a strong Yen and a corresponding drop across risky assets including bitcoin.
Bitcoin-Yen Pair Hits Record High, Reflects Stress on Japan’s Fiat Currency
Bitcoin’s ongoing rally is telling of current market perceptions about fiat currencies, with sentiment being weakest for the Japanese yen.