Bitcoin fails to reclaim $80K as Bessent fuels yen strength around 153 per dollar
Summary
Bitcoin hovered below $80,000 as risk appetite weakened from renewed Middle East tensions and stronger oil prices. US strikes on Iranian oil tankers pushed crude to three-month highs, while BTC/USD lost momentum and slipped about 0.4% on the day. At the same time, attention shifted to the Japanese yen, which strengthened to its highest level against the dollar since February. Yen gains were supported by prior US-Japan FX interventions and expectations of a Bank of Japan rate hike on Sept. 28. Short positioning in the yen remains near record highs, raising the risk of a sharp carry-trade unwind if the yen keeps rising. Such a unwind could tighten liquidity and weigh on crypto markets.
