XRP rose over 5% in the past 24 hours to drive gains among majors in the past 24 hours as a Thanksgiving holiday saw bitcoin (BTC) avoid a feared historical “massacre,” with a slight uptick across the market.
BTC was changing hands above $96,000 in the early hours Friday, a steady rise from Thursday’s lows of $93,500. Ether (ETH), Solana’s SOL, and BNB were little changed, while Cardano’s ADA was 3.5% higher, and dogecoin (DOGE) lost 1.2%.
The broad-based CoinDesk 20 (CD20), a liquid fund tracking major tokens, added 1.3%. Algorand’s ALGO and Worldcoin’s WLD jumped as much as 21% to lead gains among midcaps amidst no immediate catalysts.
The crypto market’s moves in Asian hours came as the Japanese yen broke a key level against U.S. dollars.
The yen briefly crossed 150 against the dollar due to expectations of a Bank of Japan (BOJ) rate increase in December, spurred by higher-than-expected Tokyo inflation data. The movement was likely accentuated by month-end financial adjustments and low liquidity due to Thanksgiving.
Market sentiment leans towards a 63% chance of a BOJ rate hike, contrasting with a 67% likelihood of a Fed rate cut, which could reduce the attractiveness of yen carry trades. Yen is colloquially known as an "anti-risk" currency and is seen as a safe-haven currency that investors turn to during times of stress.
Yen's outperformance at the end of July and September has previously catalyzed the unwinding of carry trades, or bullish risk-on bets, financed by relatively cheap yen-denominated loans as it became more expensive to borrow the Japanese currency.
A <a href="https://www.coindesk.com/markets/2024/11/27/bitcoin-bulls-lose-steam-aussie-yen-dips-hinting-at-broad-based-risk-aversion-ahead" target="_blank">CoinDesk analysis</a> earlier this week signaled bitcoin's bullish run has weakened, with the Aussie dollar/Yen exchange rate dropping, signaling a risk-off mood. The AUD, linked to global economic health, and the yen tend to affect risk assets like BTC inversely.
This scenario echoes an earlier period when a yen surge due to BOJ rate hike rumors led to an 8% drop in AUD/JPY and a $20,000 fall in BTC, showing the potential impact of FX movements on cryptocurrencies.
Huobi Japan has just announced that through its latest equity funding round, the Huobi Global branch has raised 5 million Yen — around 4. 6 million U. S. dollars. Financial Products Group (FPG) now joins the company as a stakeholder.
Kraken, a crypto exchange based in the U. S. , has recently started a new partnership with Etana Custody. This new partnership will enable the company to offer deposits and withdrawal for five major fiat currencies: U.
The Unprecedented Relationship Between Bitcoin And In-Game Gold Lives On There is no denying that most people are already aware that digital tokens such as BCH and BTC can be easily and quickly traded in for euros, yen or dollars.
Most people understand that cryptocurrencies like BTC can be traded for dollars, euros, yen, and a wide variety of nation-state issued currencies. However, they may not realize that virtual items like in-game gold from popular role-playing games (RPGs) like Runescape, Guild Wars, and World of Warcraft have been sold for bitcoins since 2012.
The popular digital currency exchange, Bitfinex has reportedly stopped its USD deposits to their exchange. This news comes after last weeks, several rumours that the exchange was broke which made management forced to step up and deny the rumours that they were not bankrupt.
Top-three cryptocurrency exchange Bitfinex is pushing back against claims that call its solvency into question. The Hong Kong-based company released a blog post on October 7, 2017, that states, contrary to recent rumors, it is not insolvent.
South Korean markets tend to prefer XRP over larger assets such as bitcoin and ether, and a volume bump tends to precede price anomalies on local exchanges.
