- The weakening Yen may boost Bitcoin amid liquidity injections and currency devaluations.
- Despite bearish signals, Bitcoin edged up to $62K, with eyes on $64K resistance.
A month ago, Arthur Hayes, founder of BitMEX exchange, expressed optimism about the weakening Japanese Yen (JPY), seeing it as a potential catalyst to inject liquidity and boost Bitcoin [BTC] and the broader crypto market.
Yen falls to historic low against USD
Fast forward, as of 26th June, the JPY reached its lowest point against the U.S. dollar, marking the lowest in nearly 38 years. This prompted speculation about potential interventions by authorities in the currency markets.
Many attribute this to the Federal Reserve’s decision to maintain high interest rates, which has resulted in the JPY ranking among the world’s poorest-performing currencies.
Remarking on the same and echoing Hayes’ views, The Bitcoin Therapist said,
“Is Japan printing Yen to secretly buy #bitcoin? If so it would be the smartest move in the history of Japan. If not they will become a third world country really soon.”
According to data from FactSet, the Yen weakened to 160.82 against the dollar, surpassing the previous record of 160.03 set on 29th April, and marking its weakest level since 1986.
Adding further to this data set, Jeroen Blokland, Founder & manager of the Blokland Smart Multi-Asset Fund noted,
“Over the last 12.5 years, the Japanese #Yen has lost a whopping 53% of its value against the US Dollar!”
Source: Jeroen Blokland/X
This caused a lot of ripple effects within the financial community as highlighted by ZeroHedge, who commented with a touch of sarcasm, and stated,
Source: zerohedge/X
A good sign for Bitcoin?
But despite this Hayes sees that a weakening Yen might trigger competitive currency actions among major economies, such as Japan and China, potentially leading to currency devaluations and increased liquidity injections (printing money).
This implies that Bitcoin, which is perceived as a hedge against fiat currency devaluation, could benefit from these macroeconomic conditions.
Hayes anticipates that Bitcoin would perform well in such a scenario, highlighting it as a resilient asset amidst global fiat currency instability.
Hence, Hayes best put it when he said,
“Crypto booms, as there is more dollar and yuan liquidity floating in the system.”
Meanwhile, as the Yen faced bearish pressure, BTC appreciated by 0.56%, reaching a trading price of $62,130.05.
However, the Relative Strength Index (RSI), significantly below the neutral level, indicated a strong bearish sentiment. But, if Bitcoin manages to surpass the resistance level at $64,817, it could signal a potential shift into a bullish phase.
Source: TradingView
- The weakening Yen may boost Bitcoin amid liquidity injections and currency devaluations.
- Despite bearish signals, Bitcoin edged up to $62K, with eyes on $64K resistance.
A month ago, Arthur Hayes, founder of BitMEX exchange, expressed optimism about the weakening Japanese Yen (JPY), seeing it as a potential catalyst to inject liquidity and boost Bitcoin [BTC] and the broader crypto market.
Yen falls to historic low against USD
Fast forward, as of 26th June, the JPY reached its lowest point against the U.S. dollar, marking the lowest in nearly 38 years. This prompted speculation about potential interventions by authorities in the currency markets.
Many attribute this to the Federal Reserve’s decision to maintain high interest rates, which has resulted in the JPY ranking among the world’s poorest-performing currencies.
Remarking on the same and echoing Hayes’ views, The Bitcoin Therapist said,
“Is Japan printing Yen to secretly buy #bitcoin? If so it would be the smartest move in the history of Japan. If not they will become a third world country really soon.”
According to data from FactSet, the Yen weakened to 160.82 against the dollar, surpassing the previous record of 160.03 set on 29th April, and marking its weakest level since 1986.
Adding further to this data set, Jeroen Blokland, Founder & manager of the Blokland Smart Multi-Asset Fund noted,
“Over the last 12.5 years, the Japanese #Yen has lost a whopping 53% of its value against the US Dollar!”
Source: Jeroen Blokland/X
This caused a lot of ripple effects within the financial community as highlighted by ZeroHedge, who commented with a touch of sarcasm, and stated,
Source: zerohedge/X
A good sign for Bitcoin?
But despite this Hayes sees that a weakening Yen might trigger competitive currency actions among major economies, such as Japan and China, potentially leading to currency devaluations and increased liquidity injections (printing money).
This implies that Bitcoin, which is perceived as a hedge against fiat currency devaluation, could benefit from these macroeconomic conditions.
Hayes anticipates that Bitcoin would perform well in such a scenario, highlighting it as a resilient asset amidst global fiat currency instability.
Hence, Hayes best put it when he said,
“Crypto booms, as there is more dollar and yuan liquidity floating in the system.”
Meanwhile, as the Yen faced bearish pressure, BTC appreciated by 0.56%, reaching a trading price of $62,130.05.
However, the Relative Strength Index (RSI), significantly below the neutral level, indicated a strong bearish sentiment. But, if Bitcoin manages to surpass the resistance level at $64,817, it could signal a potential shift into a bullish phase.
Source: TradingView
how to get cheap clomid without dr prescription clomiphene tablete clomiphene only cycle where can i buy cheap clomiphene price buying generic clomid no prescription where can i buy generic clomid without dr prescription can you buy generic clomid pills
This is a topic which is forthcoming to my callousness… Diverse thanks! Faithfully where can I lay one’s hands on the acquaintance details for questions?
This website positively has all of the information and facts I needed to this thesis and didn’t know who to ask.
order zithromax 500mg online cheap – ciplox 500 mg cheap flagyl 200mg cheap
purchase semaglutide without prescription – periactin 4mg over the counter order cyproheptadine without prescription
motilium drug – motilium online buy generic cyclobenzaprine
augmentin 375mg price – at bio info brand ampicillin
buy generic nexium for sale – anexamate.com order esomeprazole 20mg online
order coumadin 5mg sale – anticoagulant hyzaar oral
meloxicam for sale online – https://moboxsin.com/ where can i buy mobic
prednisone for sale – apreplson.com buy prednisone 20mg online
ed pills online – https://fastedtotake.com/ ed pills that work quickly
amoxicillin drug – purchase amoxicillin pill amoxicillin drug
forcan for sale online – this fluconazole 200mg brand
where to get free samples of cialis – https://ciltadgn.com/# free coupon for cialis
ranitidine 300mg ca – on this site buy zantac without a prescription
cialis covered by insurance – https://strongtadafl.com/# when will cialis be generic
sildenafil citrate tablets 50 mg – on this site viagra sale canada
This is the amicable of serenity I enjoy reading. online
The depth in this serving is exceptional. cheap neurontin 600mg
I couldn’t turn down commenting. Profoundly written! https://prohnrg.com/
This is the make of post I find helpful. https://aranitidine.com/fr/acheter-cenforce/