Bitcoin Defends $79,000 as Yen Jumps 3.7%, Diverging From 2024 Carry-Trade Unwind
JH Kim
Summary
- The report said the yen gained 3.7% over three trading sessions, while Bitcoin held the $79,000 level.
- It said that in August 2024, a sharp rise in the yen triggered a broad unwinding of the yen carry trade, sending Bitcoin and Ether (ETH) down as much as 20%.
- This time, the outlet said, Bitcoin held above $79,000 and withstood the first yen shock.
Forecast Trend Report by Period
Bitcoin held the $79,000 line even as the yen surged over a short period, marking a different pattern from the yen carry-trade unwind in 2024.
Crypto media outlet BeInCrypto reported on Sept. 7 that the dollar-yen exchange rate fell to 154.50 yen on Monday from 160.39 yen last Wednesday. That meant the yen gained 3.7% over three trading sessions.
In August 2024, a sharp rise in the yen triggered a broad unwinding of the yen carry trade, in which investors borrow low-interest yen to invest in risk assets. At the time, Bitcoin and Ether (ETH) fell as much as 20%.
This time, however, Bitcoin remained above $79,000. BeInCrypto said the cryptocurrency had withstood the first yen shock.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.