JPY reached a 3-month low, Bitmain to suspend sales on cryptocurrency mining machines
USDJPY posted another day of gains on Thursday, currently trading at 110.846, up about 0.01%. Earlier it touched a high point at 111.11, which was the highest since March 23. The weakening JPY was primarily due to relatively weak economic performance. On Wednesday, Japanese manufacturing activity dropped to its lowest level in 4 months, making Japan the only G-7 country that has a number below 50. Tokyo Core CPI will be released later today, and it is forecasted to be at -0.1%.
Bitmain, one of the biggest makers of cryptocurrency mining machines, will suspend its sales after China’s crackdown. China’s State Council has vowed to crack down on Bitcoin trading in late May, seeking to stabilize the financial market. Miners in China are selling machines and exiting the business following the national ban. Bitcoin price is fluctuating around $34,000 with volatile ups and downs.