Bitcoin Holds $79,000 Despite 3.7% Yen Surge, Diverging From 2024
JH Kim
Summary
- The report said the yen surged 3.7%, but Bitcoin held $79,000.
- In August 2024, a surge in the yen led to an unwinding of the yen carry trade, sending Bitcoin and Ether (ETH) down as much as 20%.
- The outlet said Bitcoin this time held above $79,000 and withstood the first yen shock.
Forecast Trend Report by Period
Bitcoin held the $79,000 level even as the yen surged over a short period, marking a different pattern from the yen carry trade unwind seen in 2024.
BeInCrypto reported on September 7 that the dollar-yen exchange rate fell from 160.39 yen last Wednesday to 154.50 yen on Monday. That meant the yen gained 3.7% in 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. Bitcoin and Ether fell as much as 20% at the time.
The outlet said Bitcoin held above $79,000 this time, concluding that it had withstood the first shock from the yen.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.