According to ChainCatcher, derivatives trader Gordon Grant said that in addition to the Fed's policy changes, the weakening of the yen also provided support for Bitcoin. The U.S. dollar against the yen has been strengthening since Monday, providing further upside for Bitcoin.
Gordon Grant said a stronger dollar against the yen has historically been positive for riskier assets because the yen is often used as a funding currency for "risk-on" trades, with investors seeking higher returns by borrowing in low-interest currencies such as the yen.
