The cryptocurrency market experienced significant changes in the past 24 hours, influenced by the strengthening of the Japanese yen. XRP demonstrated a notable rise, while Bitcoin avoided a major drop.
XRP Rise and Bitcoin Fluctuations
In the past 24 hours, XRP tokens surged over 5%, contributing to gains among leading cryptocurrencies. Bitcoin rose above $96,000 from Thursday's low of $93,500, avoiding a historically feared dip.
Impact of Japanese Yen on Cryptocurrency
The crypto market's movements were notably impacted by changes in the Japanese yen, which broke a key level against the US dollar. Strengthening sentiments around the yen were driven by expectations of a potential Bank of Japan rate hike due to high Tokyo inflation data.
Long-term Risks for the Market
Current macroeconomic shifts such as yen strengthening contribute to a shift towards 'risk-off' strategies, affecting crypto investors. These events echo a previous scenario where currency changes significantly impacted the value of cryptocurrencies like Bitcoin.
Currency changes continue to be a significant factor shaping the movement of the cryptocurrency market. The current shifts in the Japanese yen introduce new risks for market participants.
