Bitcoin climbed by nearly 20% this week, surpassing the $1 trillion market cap for the first time since November 2021, owing to the continued inflows to the newly launched spot ETFs earlier this year.
Following this milestone, BTC hit an all-time high against a few depreciating fiat currencies, including the Japanese Yen. In fact, Bitcoin surged to a fresh peak of 7.9 million Yen on the Tokyo-based cryptocurrency exchange bitFLYER. In comparison, its price in USD remained above $52,000, which was still down by more than 30% from its previously established record high of $69,000.
- Despite a minor retracement, the BTC/JPY trading pair is currently valued at 7.809 million Yen – worth around $51,860 – exceeding its prior record peak of 7.79 million yen recorded in November 2021.
BREAKING: #Bitcoin just hit a new all-time high against the Japanese Yen $JPY, the world’s third-largest currency. pic.twitter.com/mBcJILz1KO — Crypto Rover (@rovercrc) February 14, 2024
- The development comes as the Yen dipped to 150 per USD, marking its first decline to this level in nearly three months. This prompted a senior Japanese official to consider measures to stabilize the currency.
- Japan’s gross domestic product (GDP) was hit more severely than expected, with a contraction of 0.4% in the final quarter of 2023 compared to the same period a year ago. This decline follows a 3.3% contraction in the preceding quarter.
- The data released by Japan’s Cabinet Office essentially revealed that the country has lost its crown as the world’s third-largest economy to Germany in terms of USD, a prediction that was made by the International Monetary Fund (IMF) last October.
- Japan is not the only national fiat currency that’s currently under tremendous pressure.
- Bitcoin reached its highest-ever prices in Turkey and Nigeria, even though the asset is trading at 50% below its peak in USD terms in October.
- Additionally, Bitcoin tapped an ATH against the Argentine peso as the Latin American country’s annual inflation rate hit a three-decade high of over 254%
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