According to ChainCatcher, derivatives trader Gordon Grant said that in addition to the Fed's policy changes, the weakening of the yen also provided support for Bitcoin. The dollar has been strengthening against the yen since Monday, providing further upside for Bitcoin.

Gordon Grant said that the strengthening of the dollar against the yen has historically been beneficial to high-risk assets because the yen is often used as a financing currency for "risk-on" transactions, and investors seek higher returns by borrowing low-interest currencies such as the yen.