The main culprit for the cryptocurrency market’s plunge last weekend was Japan’s yen interest rate hike
Why did the crypto market lose 15% of its value in one weekend? Thank the Bank of Japan for playing a starring role.
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09/09 15:17
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- Dante
Why did the Japanese stock market continue to collapse when the yen rose so sharply?
Bad news came one after another, Japan and South Korea collapsed across the board, and the US futures market also collapsed.
JinseFinanceThe yen collapsed: Japanese listed companies turned to Bitcoin for hedging
Metaplanet, a Japanese listed company, announced that due to the high level of government debt, long-term negative real interest rates and the depreciation of the yen, Metaplanet will use Bitcoin as its company's strategic reserve asset in response to Japan's severe economic situation.
JinseFinanceJapan's Intervention Imminent as Yen Plummets, USD/JPY Surges to 34-Year High
Japanese authorities intervene as USD/JPY surpasses 160, yen stabilizes around 154.5. BOJ faces dilemma: intervene or raise rates? Debt-to-GDP ratio exceeds 260%. Yen's decline may impact global currencies, Fed's stance crucial.
Xu LinWhat You Need to Know About Japanese Yen-Pegged Stablecoin – GYEN
Within the ever-evolving cryptocurrency landscape, GYEN crypto emerges as a significant innovation reshaping decentralised finance. Developed by GYEN Labs and launched in 2018, this stablecoin operates on the Ethereum blockchain, offering users a secure alternative for financial transactions, bypassing the traditional banking system.
Joy末日孤帆：赵长鹏将带领币安走向何方？(三)
Since 2017, Binance has been striving to obtain a phased 'partially legal' status in certain global regions through diplomacy, acquisitions, joint investments, philanthropic funding, and other means.
CaptainX末日孤帆：赵长鹏将带领币安走向何方？(二)
Binance and CEO Zhao Changpeng admit intentional violations, facilitating billions in unregulated crypto transactions. Zhao resigns as CEO, faces potential 18-month sentence. Legal battles continue over sentencing and extradition. Binance.US claims independence from Zhao's governance.
CaptainX末日孤帆：赵长鹏将带领币安走向何方？(一)
Binance faces $34 billion in fines from FinCEN and $9.68 billion from OFAC for not reporting over 100,000 suspicious transactions involving terrorism, ransomware, child exploitation, and other illegal activities. Future penalties and strict regulations may impact Binance for the next five years.
CaptainXJapan's Largest Bank Working on Yen Stablecoin Interoperability
The Mitsubishi UFJ Financial Group, Datachain, and Solamitsu are working on making the Progmat Coin, a Yen-backed stablecoin, interoperable.
BeincryptoJapan's Central Bank to Issue Experimental Digital Yen in Early 2023
Several banks will stress test a digital yen for more than two years.
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