What’s the Deal with the Japanese Yen? | Key Points | Aug. 20, 2024
GM. Welcome back to BitPinas Key Points: easily digestible news in concise formats for easy reading. In today’s feature story: we look at why the traders are worrying about the Japanese yen.
Here are the latest crypto news stories in the last 24 hours.
Table of Contents
Market Analysis and Updates 📈
Here are the crypto highlights of the day:
Crypto Price Update
- Bitcoin (BTC): $60,423.12, up 3.1% over the last 24 hours.
- Ethereum (ETH): $2,651.38, up 0.7% over the last 24 hours.
- Solana (SOL): $145.69, up 2.1% vs the previous day.
Trending Coins Update
- Brainlet: $0.0286, up 97.0% vs the previous day.
- Huobi: $0.4736, up 78.1% over the last 24 hours.
- SuperRare: $0.2182, down 22.4% vs the previous day.
For the daily price update, check out our post on Facebook.
📺 Rewatch: Solana’s Regional Push in the Philippines
Today, we are going to announce the next episode of the BitPinas webcast. But before that, check out the previous episode, where we talked to Georgeson Guray of Junior Blockchain Education Consortium of the Philippines (JBECP) and Liz Sanchez of Superteam Philippines to discuss the many ways Solana is pushing for adoption in the Philippines.
- You can watch it on the BitPinas website and here it is on Facebook.
Feature News: What’s the Deal with the Japanese Yen?
The Japanese yen is continuing to gain strength against the U.S. dollar, again.
Crypto traders and investors are on the lookout because this is a similar scenario as to what happened early this month, when the yen outperformance led to not just a massive sell-off in crypto but in many other global assets as well.
Why is this important: Yen strength is seen as a sign of risk aversion in the market. When the yen strengthens, it often triggers the unwinding of carry trades—investments funded by borrowing yen due to its low-interest rates. This can lead to a sell-off in risk assets like Bitcoin.
The numbers:
- Since late Thursday, the yen has risen 2.4% against the dollar, reaching 145 per dollar. ‘
- It also gained over 1% against the Australian dollar, with even stronger gains against the euro and British pound, Coindesk reported.
What to watch out for: Traders should monitor the yen’s movements closely, especially with the upcoming U.S. Federal Reserve interest rate decision in September.
Philippine Crypto News 🇵🇭
- BitPinas article: Maya updates crypto terms and conditions: new rules for coin listings and delistings.
- PDAX launched its Crypto Heroes 2024 which will run from August 19 to August 26 with a reward pool of ₱5,000 for 14 Winners.
- Kristian Quirapas shared how he created his winning Solana Talent Olympics project.
- The Bicol Blockchain Community released the speakers for the upcoming Bicol Traders Meet 2024.
Educational Corner 🎓
Check out the updated Maya crypto terms which now includes new rules for coin listings and delistings.
- It also include a section on whether or not other platforms have also rules and guidelines in place when they list and delist tokens.
Regulation Watch 📜
Stay informed about the latest regulatory updates and what they mean for you:
- Binance resumed operations in India after a seven-month regulatory hiatus, having successfully registered with India’s Financial Intelligence Unit (FIU).
- The IMF proposed implementing energy taxes on crypto miners and AI data centers to curb carbon emissions.
- Australia’s ASIC shut down 615 crypto scam websites in a year-long crackdown.
Community Spotlight 🔦
Meet Georgeson Guray: He is actively involved in promoting blockchain education and web3 initiatives in the country, particularly through events and meetups.
- Guray is the University Activation Lead at the Junior Blockchain Education Consortium of the Philippines.
- He was a recent guest for the BitPinas Webcast where they discussed the push Solana is making in the Philippines.
More Web3 and AI News 💡
Discover the latest in web3 and AI innovation.
- Adaverse invested $500,000 in Mithu, a Saudi-based loyalty platform aggregator aiming to simplify and consolidate multiple loyalty programs for restaurants and cafes.
- Mastercard, in collaboration with MetaMask and Baanx, launched a new web3 card program that allows users to make purchases with self-custody wallets while retaining control of their funds.
- Chain Signatures launched on NEAR Mainnet, offering a Chain Abstraction solution that simplifies multichain dApp development and user experience.
Web3 Gaming Section 🎮
The future of web3 is gaming, and here are the latest news.
- LFG! rebranded as a Web3 Super App offering education, entertainment, and gaming.
- HashKey Group partnered with Catizen to enhance the TON ecosystem by developing GameFi products and global digital entertainment infrastructure.
- Gamee, a web3 gaming firm under Animoca Brands, secured investment from TON Ventures.
Event Announcements 📅
Don’t Miss Out: Upcoming events, webinars, and meetups in the crypto space!
- CoinsGG feat. CRETA: August 28, 2024
- Hooked Unitour Hackathon Philippines: August 29, 2024
- Solana Radar Global Hackathon: September 2, 2024
- Bicol Traders Meet 2024: September 7, 2024
- Blockchain Campus Conference 2024: October 10, 2024
Noteworthy 🌟
Key updates and announcements from around the crypto and blockchain world:
- A Florida woman is suing Google for $5 million, alleging that the company took three months to remove a scam cryptocurrency app from the Google Play Store.
- Franklin Templeton filed an S-1 with the SEC for a “Crypto Index ETF” that would hold both bitcoin and ether.
- Shaquille O’Neal must defend himself against allegations in a class action lawsuit that he promoted unregistered securities through the Astrals NFT project.
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This article is published on BitPinas: What’s the Deal with the Japanese Yen? | Key Points | Aug. 20, 2024
