Bitcoin Goes Ballistic As Yen Falls And Plan B Warns Over Chinese Evergrande Crash

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While the Japanese Yen falls to a three-year low against the US dollar, cryptocurrencies are on the rise as Bitcoin nears its all-time high once again. At the time of writing, Bitcoin trades at $62,300.

For Matthew Ryan, analyst at Ebury, the losers of the week are safe havens, such as the Japanese currency but also the US dollar. He explained that:

All the major currencies have gained ground against the dollar, except the yen.

The fact that the US weekly jobless claims fell below the 300,000 threshold for the first time since the start of the pandemic:

Has not supported the dollar, but on the contrary allayed concerns of an economic slowdown.

The renewed economic worry comes as Bitcoin returns to its historic all-time high. The world’s best known digital currency has already won more than 36% since the start of the month.

Plan B Warns Over Evergrande Fallout

Meanwhile anonymous Dutch trader Plan B warned that the economic fallout from a possible Evergrande bankruptcy could be greater than predicted.

“We’ve never seen anything like this. And there’s [..] no historical analog. Maybe Tokyo in ’89? But this is worse than that. It’s worse than Spain in ’06 or Ireland in ’06. We’ve just never seen an economy this dependent on putting up apartment buildings”https://t.co/XWTuYxIJdO

— PlanB (@100trillionUSD) October 18, 2021

Forwarding an article to his many followers, he stated:

We’ve never seen anything like this. And there’s [..] no historical analog. Maybe Tokyo in ’89? But this is worse than that. It’s worse than Spain in ’06 or Ireland in ’06. We’ve just never seen an economy this dependent on putting up apartment buildings

Tzido / Depositphotos.com