Bitcoin drops as yen falls, Canada approves stablecoin rules
On November 21, the Japanese government announced a $135-billion stimulus package to alleviate rising prices, amid concerns that the weakened yen, which has hit 10-month lows against the dollar, will further prompt rate hikes by the Bank of Japan. As a result, Bitcoin has continued to decline, historically a haven for yen traders, yet the current economic climate raises doubts about yen stability. In contrast, PubKey, a Bitcoin-themed bar, debuted in Washington, D.C., raising market optimism despite overarching concerns. Meanwhile, Canada has approved a budget plan for stablecoin governance that requires issuers to maintain sufficient reserves and implement risk management frameworks, marking a progressive step for the Canadian stablecoin market.
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