Weaker Yen Supports Bitcoin Amid Federal Reserve Policy Changes

According to BlockBeats, on September 20, derivatives trader Gordon Grant highlighted that the weakening yen, in addition to changes in Federal Reserve policies, has been providing support for Bitcoin. The strengthening of the US dollar against the yen since Monday has created additional upward momentum for Bitcoin. Grant explained that historically, a stronger US dollar against the yen has been beneficial for high-risk assets. This is because the yen is often used as a funding currency for 'risk-on' trades, where investors borrow low-interest currencies like the yen to seek higher returns.