Analyst: Weaker Yen Provides Further Upside for Bitcoin

Derivatives trader Gordon Grant said that in addition to the Fed's policy change, the weaker yen is also providing support for bitcoin. The dollar has been strengthening against the yen since Monday, providing further upside for bitcoin.

Gordon Grant said that the dollar's strength against the yen has historically favored risky assets, as the yen is often used as a funding currency for “risk-off” trades, where investors seek higher returns by borrowing in low-interest currencies such as the yen.