Bitcoin poised for growth as Japanese Yen hits record low
What did Arthur Hayes say about the weakening Yen?
Arthur Hayes, the founder of BitMEX exchange, sees the weakening Japanese Yen as a potential catalyst to inject liquidity and boost Bitcoin and the broader crypto market. He anticipates that a weakening Yen might trigger competitive currency actions among major economies, leading to currency devaluations and increased liquidity injections, which could benefit Bitcoin as a hedge against fiat currency devaluation.
What is Bitcoin's current resistance level?
Bitcoin's current resistance level is around $64,817. If Bitcoin manages to surpass this resistance level, it could signal a potential shift into a bullish phase.
What caused the Japanese Yen to hit a record low?
The Japanese Yen hit a record low due to the wide gap in interest rates between Japan and the United States, diminishing the currency's relative allure1. The US Federal Reserve's benchmark interest rate is currently set at 5.25-5.50 percent, while the Bank of Japan's (BOJ) equivalent rate is just 0-0.1 percent. This has led investors to sell the yen, causing its value to decline.