Bitcoin under pressure below $60,000 as Japanese yen hits 40-year low against the U.S. dollar
BTC fell in Asia as the Japanese yen tanked to four-decade lows, lifting the dollar higher across the board.
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Summary
- Bitcoin fell more than 1% to below $60,000, remaining under its 200-week moving average as currency markets swung with the yen’s slide.
- Strategy, the largest public holder of bitcoin, plans to sell more than $1 billion of BTC as part of a $1.25 billion monetization program, a sharp break from Michael Saylor’s long-held “never sell” stance.
- The Japanese yen has dropped to its weakest level against the dollar since 1986 amid starkly divergent U.S.-Japan interest rates, raising risks of a disorderly unwinding of yen-funded carry trades that could hit stocks, bonds and crypto.
