Metaplanet began as Red Planet Japan, a budget hotel operator, before pivoting to become a Web3 developer.
Bank of Japan Ends Eight-Year Negative Rates Regime; Bitcoin Slides to $62.7K
The BOJ hiked the benchmark borrowing cost by 10 basis points, abandoning the prolonged negative interest rate policy.
Bitcoin-Yen Pair Hits Record High, Reflects Stress on Japan’s Fiat Currency
Bitcoin’s ongoing rally is telling of current market perceptions about fiat currencies, with sentiment being weakest for the Japanese yen.
Crypto exchange Binance among firms eyeing new stablecoins in Japan
Binance and Mitsubishi UFJ Trust and Banking Corporation (MUTB) are exploring the issuance of Yen and other foreign currency-denominated stablecoins in Japan.
De-dollarization: Is it really happening?
In our latest Cointelegraph Report, we analyze the causes leading to the decline of the U.S. dollar as the world reserve currency and its potential implications.
Japan Will Launch Pilot for Issuing Digital Yen In April
Japan will launch a pilot programme in April to test the use of its version of the central bank digital currency (CBDC) known as the digital yen, its central bank said on Friday. The move comes after more than two years of proof-of-concept experiments by the BoJ around the digital yen.
Binance mints 50M TrueUSD days after Paxos ordered stop issuing BUSD
Despite the minting of $50 million in TUSD, Zhao previously said the regulatory crackdown on stablecoins in the U.S. will cause the USD-back stablecoin market to “shrink.”
Bitcoin & The Global Currency Meltdown | BTCUSD September 28, 2022
In this episode of NewsBTC’s daily technical analysis videos, we examine how Bitcoin is trading against other currency pairs and not USD. We also look at BTC against WTI Crude Oil and the S&P 500.
Take a look at the video below:
VIDEO: Bitcoin Price Analysis (BTCUSD): September 28, 2022
The market continues to be shaken up by the strength of the dollar. Following yesterday’s rally in BTC that was immediately wiped out, traders are even more hesitant to pull the trigger with the top cryptocurrency rising again.
Bitcoin Daily Momentum Change Causes Chain Reaction
Bitcoin daily has flipped bullish on the LMACD, setting off a chain reaction across a variety of timeframes. In terms of this chain reaction, we have a bullish crossover on the 3-day and the weekly timeframe. Both, especially the weekly, have been like bait, snapping back at bulls each time they attempt to turn the tides of momentum.
Momentum causes a bullish chain reaction of crossovers | Source: BTCUSD on TradingView.com
How BTC Fares Against Other World Currencies
The DXY Dollar Currency Index is the dollar trading against a weighted basket of top national currencies. These currencies include the British pound sterling, the euro, the Canadian dollar, Japanese yen, Swedish krona, and Swiss franc.
Due to the enormous shakeup and volatility in global currency markets, we put Bitcoin up against other currencies and not the standard USD pair.
As you can see, the pound, euro, canadian dollar, and Japanese yen all crossed bullish weeks prior, while the USD pair struggles to do so. Other strong national currencies like the Swedish krona and Swiss franc have yet to cross over much like the dollar.
Bitcoin could be bottoming against several top currencies | Source: BTCUSD on TradingView.com
Related Reading: Bitcoin Shows Resilience In Dollar-Driven Bloodbath | BTCUSD September 26, 2022
Comparing The Top Crypto To The S&P 500 And WTI Crude Oil
Continuing the deep dive into unorthodox Bitcoin charts, we’ve combined the charts of BTCUSD and the SPX. This unique chart shows that Bitcoin never made a higher high in late 2021, and the downtrend began with the April peak. This chart also is flipping bullish and has a weekly close confirming the crossover. Bullish momentum will need to grow to sustain a rally.
Next, we’ve compared Bitcoin to what could be the most important macro asset globally: oil. In this comparison, much like the SPX example, we put BTCUSD up against WTI Crude Oil. WTI Crude oil is American produced oil from West Texas Intermediate.
In this oddball trading pair, Bitcoin also had a lower high and a much steeper downtrend. However, Bitcoin flipped bullish against oil several weeks ago, but has yet to produce a meaningful upside move. Is such a move coming soon enough?
Bitcoin has crossed bullish against the SPX and WTI Crude Oil | Source: BTCUSD on TradingView.com
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Featured image from iStockPhoto, Charts from TradingView.com
BoJ official says digital yen won’t be used to achieve negative interest rate
The Bank of Japan’s Executive Director announced that the eagerly-awaited digital yen won’t be used to attain negative interest rates.
Japan’s financial regulators may propose legislation in 2022 restricting stablecoin issuance
The move comes as the Bank of Japan wants to roll out a digital yen CBDC by the end of next year.
Japanese megabanks join consortium launching yen-based digital currency
Private-sector behemoths in Japan are exploring digital currencies as a way to streamline large fund transfers and settlements.