In a stunning financial shift, the Japanese yen has reached a 34-year low against Bitcoin, which also hit all-time highs in 14 countries, fueled by optimism surrounding new spot Bitcoin ETFs.

Yen Hits 34-Year Low as Bitcoin Ascends, Spotlighting Global Shift Towards Cryptocurrency

According to Crypto.News, the Japanese yen plunged to a 34-year low as officials sought to contain the economy’s hyperinflation. According to Bloomberg, Japan’s sovereign fiat money suffers mostly from the disparity between local interest rates and those in the United States Federal Reserve rates.

While the Japanese government works through this problem, Bitcoin (BTC) has surpassed the yen in direct monetary worth. On April 25, Google Finance revealed that one Japanese yen equaled 0 Bitcoin.

In February, BTC soared against various fiat currencies, reaching all-time highs in 14 nations. The industry was propelled by optimism about the newly approved spot Bitcoin ETFs.

Following the revelation, many people on social media praised Bitcoin as “sound money” and an innovation capable of cultivating financial independence from the global traditional economic bubble.

Users reaffirmed what BTC maxi Michael Saylor calls “Bitcoin’s superior design,” referencing Satoshi Nakamoto’s protocol, which ensured that only 21 million BTC would exist.

It is impossible to surpass this limit because it is hard-coded into the Bitcoin blockchain. A halving controls inflation by lowering the number of new tokens in circulation. The halving occurred last week, with Bitwise CIO Mat Hougan opining that the event would largely benefit BTC’s market value in the long term.

Bitcoin Reaches New Heights in 14 Countries Amidst Currency Volatility and Economic Shifts

In a February report, Bitcoin has set an all-time high in 14 countries, including Turkey, Argentina, Egypt, Pakistan, Nigeria, Japan, and Lebanon, despite selling 25% down from its top of $69,000.

The contradictory position highlights the considerable devaluation of these countries’ currencies versus the United States dollar (USD) over the last two years. The global financial market has been extremely unpredictable in recent years, as cryptocurrencies such as Bitcoin have grown in many countries as a hedge against economic uncertainty.

For example, the Lira has devalued dramatically in Turkey, with the USD/TRY exchange rate rising from roughly 7.80 in November 2021 to 31.02. Similarly, the Argentine peso has fallen dramatically, from around 98 to more than 838 versus the US dollar in the same period.

The developments reflect these countries’ greater economic issues and inflationary pressures, contributing to Bitcoin’s growing popularity as an alternative investment and store of value.

Even in Japan, famed for its strong economy, the yen has devalued from roughly 104 to 150 versus the US dollar, indicating a loss of purchasing power.

Since Bitcoin’s birth, the USD has fallen six orders of magnitude versus BTC, showing cryptocurrency’s meteoric rise in the global financial scene. Once considered a digital curiosity, Bitcoin has evolved into a vital asset for investors seeking refuge from currency depreciation and economic uncertainty.

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BlackRock‘s iShares Bitcoin Trust IBIT has seen its record-breaking streak of inflows come to an end on Wednesday.

What Happened: According to data from SoSoValue, IBIT recorded no net inflows for the day, snapping a 71-day stretch of continuous investment.

On Wednesday, spot Bitcoin ETF flows saw net outflows totaling $121 million, signaling a turbulent day for cryptocurrency investments.

Notably, Grayscale’s Bitcoin Trust ETF (GBTC) registered the most substantial single-day outflow, withdrawing $130 million.

Contrasting this, Fidelity Wise’s Origin Bitcoin Fund FBTC emerged as the frontrunner for inflows, attracting $5.61 million in a single day, followed closely by the collaborative ETF from Ark Invest and 21Shares ARKB, which saw an influx of $4.17 million.

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Hong Kong Steps Into The Crypto ETF Arena

The news of BlackRock’s pause coincides with a significant development in the Asian market.

HashKey Exchange announced the completion of the first-ever cryptocurrency subscription for Bitcoin and Ethereum spot ETFs offered by Hong Kong-based Bosera International and HashKey Capital.

This subscription model allows for redemption without immediate sale of the underlying assets, potentially offering cost and liquidity benefits to investors.

Hong Kong’s foray into cryptocurrency ETFs marks a potential turning point for the Asian market.

These ETFs are expected to begin trading on the Hong Kong Stock Exchange on April 30, providing investors in the region with a new avenue for cryptocurrency exposure.

What’s Next: The Benzinga Future of Digital Assets event, scheduled for Nov. 19, will convene industry leaders, analysts, and investors to discuss these critical developments.

This conference presents a unique opportunity to gain insights into the future of Bitcoin ETFs, cryptocurrency subscriptions, and the broader digital asset ecosystem.

Don’t miss out on this chance to stay ahead of the curve in this rapidly changing market.

Read Next: Why Is MOG Crypto Coin Going Up? Trader Sees ‘Billions’ As Price Target

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