Bitcoin Plummets as Japan’s Bond Market Moves Shift Global Cryptocurrency Landscape

Bitcoin experienced a significant drop after reaching its highest point of $126,200, driven primarily by rising Japanese government bond yields and a strong dollar. These events have thrown the global cryptocurrency market into a state of flux. The shift in Japan’s economic policy, which aims to revive the ‘Abenomics’ strategy, has led to an increase in borrowing costs, with the 10-year Japanese government bond yield surpassing its highest point since July 2008. This surge extended to longer-term bonds as well, resulting in increased market volatility.