The devaluation of the yen has not yet had an impact on the cryptocurrency market, but that could change if the BOJ steps in to support the currency, Noelle Acheson, an analyst and author of the Crypto Is Macro Now report, said in an email interview. A possible intervention would mean the BOJ could sell US dollar assets (US Treasury bonds) to buy yen, and a weaker dollar could theoretically help cryptocurrency prices, she added.
Bitcoin is down about $64,000 and the Japanese yen’s plunge could signal ‘currency chaos’, analyst says.
By Crypto Flexs1 Min Read
