author Yuya Hasegawa Bitbank Market Analyst
After graduating from a graduate school in the UK, he worked as an analyst in the FinTech industry and the virtual currency market at a venture company consisting of people from financial institutions. Market analyst at Bitbank Co., Ltd. since 2019. He has a track record of providing comments to major domestic financial media and contributing to overseas media.
Bitcoin (BTC) vs. the yen rebounded on the 25th. Against the dollar, it recovered to $23,000 (≒2.97 million yen) at the closing price, but the appreciation of the yen put pressure on BTC against the yen. Microsoft’s financial results announced earlier in the morning yesterday weakened US stocks, and BTC also weighed on its topside in Tokyo time. On the other hand, the dollar-denominated market formed a short double bottom around Sunday’s low ($22,300 ≒ 2.88 million yen), followed by a recovery in US stocks, and succeeded in breaking above the neckline (2.97 million yen). The Bank of Canada (BoC) became the first major country to announce a temporary pause in interest rate hikes. Earlier this morning, Tesla’s financial results revealed that the company had not sold additional BTC, and the BTC market temporarily rose to 3.08 million yen, but it was immediately sold and pushed down almost completely.
Figure 1: BTC vs. Yen for the previous day (left, 1-minute) and BTC vs. Yen for the last 3 months (right, daily) Source: Created from bitbank.cc
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