Bitcoin: The safe harbor in the middle of the yen-volatility

Bitcoin: The safe harbor in the middle of the yen-volatility

Bitcoin has proven to be a safe harbor in the middle of the volatile fluctuations of the Japanese Yen. Due to this turbulence, retailers are increasingly turning to the stock exchanges for digital assets geared towards Japan. According to data from Kaiko, which is based in Paris, the proportion of Bitcoin transaction volume of Japanese stock exchanges has increased from 69 % to 80 % in the first half of 2023. The trade volume of Japanese stock exchanges rose to $ 4 billion in June, a remarkable increase of 60 % since the beginning of the year. Due to its perceived internal value and independence of material assets, Bitcoin is often regarded as digital gold and as protection against traditional financial and fiat currencies.

Binance, a leading cryptocurrency exchange, reports that Bitcoin's live price is $ 29,799.86 per BTC/USD. The 24-hour trade volume is $ 14.23 billion. In the last 24 hours, Bitcoin has a change of -0.33 %. The global cryptoma market capitalization is $ 1.24 trillion, which corresponds to a change of -0.7 % in the last 24 hours and a change of 13.96 % compared to the previous year. The current market capitalization of Bitcoin (BTC) is $ 579 billion, with a BTC dominance of 46.58 %.

industry analysts assume that the increase in commercial activity on Japanese stock exchanges could last due to the established regulatory framework in Japan. In contrast to the United States, where the enforcement of regulations is still under development, Japan has a solid basis. Japan has recently introduced a groundbreaking StableCoin law to protect investors. It is expected that the yen's volatility continues, as reports report that the Bank of Japan could announce a more restrictive policy adjustment in the coming week. Interestingly, Japan faces a rare challenge: increasing inflation. An important index without the energy component has achieved a four-decade high. This increase in inflation could lead to an increased demand for alternative assets such as Bitcoin (BTC).