Bitcoin's quiet split: Strong in USD, lagging in JPY as Yen rises on intervention fears
Bitcoin is currently underperforming in JPY-denominated pairs compared to USD pairs as the Japanese yen strengthens amid potential Bank of Japan intervention. Rising wholesale inflation in Japan is fueling expectations for interest rate hikes, which may impact global asset allocations by major pension funds.
The yen has jumped to 161.55 per USD from 162.42 per USD earlier today. That move has meant BTC/JPY listed on Tokyo-based BitFlyer is only up 0.68% versus a 1.15% gain in the U.S.-based Nasdaq’s BTC/USD pair. The same pattern holds for XRP/JPY, SOL/JPY, ETH/JPY, and other JPY pairs – they are up, but clearly underperforming their USD-denominated counterparts.
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