Such statements were shared by Arthur Hayes, the founder of major crypto exchange BitMEX and the CIO of Maelstrom Fund, with his 526,000 followers on X.
However, he views the period of recession as yet another window of opportunities: Hayes says that the time to “go shopping” has come.
Since the local bottom reached on July 11 at about 161 JPY per USD, the Japanese currency managed to add over 10% and stabilize at 140 JPY per USD.
By contrast, Bitcoin (BTC), the largest cryptocurrency, after being twice rejected at $70,000 on July 29, plunged below $61,000, losing 14% in just three days.
The Nikkei Stock Average 225, an index of largest Japanese companies stocks, lost 2,216.63 points, or 5.81% in just one day.
The broader Topix index performed even worse with a 6.14% drop to its lowest closing marks in half a year.
Economists indicated that both drops are the second-largest in the history of relevant indexes. As such, Japanese stocks have not seen such pressure since Black Monday in 1987.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
