Bitcoin Hits All-Time High In Japanese Yen: These Currencies Are Next In Line
Portfolio Pulse from Khyathi Dalal
Bitcoin (BTC) has reached an all-time high in Japanese yen, trading at 7.81 million yen, surpassing its previous high from November 2021. This milestone comes as the yen has weakened significantly against the dollar. Bitcoin's market cap is back above $1 trillion, and it's close to setting new highs in other currencies due to their depreciation against the dollar. Countries like Argentina and Turkey, with high inflation rates, have seen Bitcoin reach new highs against their currencies.
February 14, 2024 | 5:42 pm
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Bitcoin has achieved a new all-time high in Japanese yen and is nearing record levels in other currencies, indicating strong market performance and investor interest.
Bitcoin's new all-time high in Japanese yen and its proximity to record levels in other currencies reflect its growing acceptance and potential as a hedge against currency depreciation. This milestone, coupled with the significant market cap of over $1 trillion, suggests a positive short-term impact on Bitcoin's price in USD.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100