Bitcoin drops as yen falls, Canada approves stablecoin rules

Japan's government announced a $135-billion stimulus package aimed at alleviating inflation by subsidizing gas and electricity, which has led to concerns in the crypto markets due to the yen's significant depreciation against the US dollar. The yen has dropped over 3% since October, prompted by high bond yields and record debt levels, leading traders to reconsider the yen's stability and Bitcoin prices have slumped accordingly. In a contrasting development, Canada has approved its 2025 budget, which includes new regulations for stablecoins, requiring issuers to hold reserves and implement risk management frameworks. This is a positive step for the stablecoin market in Canada, allowing broader participation under supervision from the Bank of Canada. Meanwhile, despite the downturn, a Bitcoin-themed bar opened in Washington, DC, generating a wave of interest among crypto enthusiasts, highlighting continued optimism for Bitcoin in certain sectors.

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