U.S.-Japan intervention revives yen carry trade fears for bitcoin
Coordinated action sent the yen sharply higher, but bitcoin’s recent correlation suggests U.S. dollar strength, rather than the carry trade, may be the bigger risk.
Make preferred on
Share this article
Summary
- USD/JPY reversed from nearly 164 to 156.5 after the U.S. joined Japan in coordinated intervention, reviving memories of bitcoin’s August 2024 sell-off.
- Despite fears that a stronger yen will pressure crypto, bitcoin’s 52-week correlation with USD/JPY reached minus 0.90, pointing instead to broad U.S. dollar strength as the likely driver.
- 1
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
Why it matters:
Binance remains crypto’s leading exchange, expanding from spot and derivatives into RWAs, payments, savings, yield, and broader financial services.
