- Bitcoin (BTC) achieves a new all-time high against the Japanese Yen.
- Japan loses its standing as the world’s third-largest economy.
- Bitcoin’s market cap surpasses $1 trillion, driven by inflows into newly launched spot ETFs.
- BTC/JPY trading pair reaches 7.809 million Yen, exceeding its previous peak in November 2021.
- Japanese Yen weakens to 150 per USD, prompting concerns and discussions about stabilizing the currency.
- Japan’s GDP contracts by 0.4% in the final quarter of 2023, leading to the country losing its position to Germany in terms of USD.
Bitcoin’s Soaring Heights Against the Yen:
Bitcoin has experienced a remarkable surge, attaining a new all-time high against the Japanese Yen. As Japan grapples with economic challenges and a declining GDP, Bitcoin’s ascent to 7.809 million Yen on bitFLYER highlights the cryptocurrency’s resilience.
Yen’s Decline and Economic Ramifications:
The weakening of the Japanese Yen to 150 per USD has not only propelled Bitcoin but also triggered concerns within Japan. With the country losing its status as the world’s third-largest economy, discussions about stabilizing the Yen gain prominence amidst broader economic shifts.