Recently, the fluctuation of the yen and Japanese treasury bond bond market has attracted the attention of the crypto market. Axie Infinity co-founder Jihoz stated in an article on X platform that the current instability of the financial market has highlighted the fundamental concept of Bitcoin as an alternative to traditional fiat currencies and debt systems.
Data shows that as of August 28th, the exchange rate of the US dollar against the Japanese yen fluctuated around 159, and the Japanese yen has still fallen by about 8.59% in the past 12 months. The yield of Japanese 30-year treasury bond rose to about 4.13%, up about 0.19 percentage points from a month ago, and up about 0.94 percentage points from a year ago. Previously, Japan's 10-year treasury bond bond yield hit 2.93%, the highest since 1996.
Against the backdrop of pressure on the traditional debt market and questioning of the purchasing power of major currencies, the scarcity of Bitcoin has once again received attention. The total limit of Bitcoin is 21 million coins, and the market generally considers it as one of the assets to combat currency over issuance and long-term debt risks.
However, the price of encrypted assets fluctuates greatly, and short-term market trends are still affected by macro interest rates, US dollar trends, ETF fund flows, and changes in market leverage.
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