Analyst: The weakening of the yen provides further upward space for Bitcoin

ChainCatcher news, derivatives trader Gordon Grant stated that, in addition to the Federal Reserve's policy changes, the weakening of the yen has also provided support for Bitcoin. The USD/JPY has been strengthening since Monday, giving Bitcoin further upside potential.

Gordon Grant mentioned that the strengthening of the USD/JPY has historically been favorable for high-risk assets, as 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.