USD Soars 20% Against JPY in 17 Hours: Impact on BTC and Global Markets
CryptoNewsTerminal Staff10 Sep, 2024
USD Soars 20% Against JPY in 17 Hours: Impact on BTC and Global Markets
The Japanese Yen (JPY) has plunged approximately 20% against the US dollar in the last 17 hours. Bitcoin (BTC) has risen by 3% in the same time period. The recent surge in the value of the USD is attributed to expectations that the US Federal Reserve will continue to raise interest rates aggressively to combat persistent inflation. This has led to a flight to safety by investors, who are seeking refuge in assets perceived as less risky, such as the USD. However, the impact of a stronger USD on BTC and the broader cryptocurrency market is not entirely clear. Some analysts believe that a stronger USD could make BTC less attractive to investors, as it becomes more expensive to purchase with other currencies. Others argue that a stronger USD could actually benefit BTC, as it could increase the demand for digital assets as a hedge against inflation and geopolitical uncertainty. The full impact of the surging USD on BTC and the global markets remains to be seen.
