Analyst: Weaker yen provides further upside for Bitcoin

BlockBeats news, on September 20, derivatives trader Gordon Grant said that in addition to the Fed's policy changes, the weakening of the yen also provided support for Bitcoin. The U.S. dollar has been strengthening against the yen since Monday, providing further upside for Bitcoin.

Gordon Grant said that the strengthening of the U.S. dollar against the yen has historically been beneficial to high-risk assets because the yen is often used as a financing currency for "risk appetite" transactions, and investors seek higher returns by borrowing low-interest currencies such as the yen.

Previously, the Bank of Japan announced earlier today that it would suspend interest rate hikes and keep the policy rate unchanged at 0.25%, in line with market expectations.