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Bitcoin holds near $63,600 after US-Japan yen intervention
Japan and the US bought yen after it weakened to 163.73 per dollar, reviving carry-trade concerns that can pressure risk assets if the yen rallies.
Bitcoin was little changed near $63,600 after the United States and Japan intervened together to support the yen, a rare coordination that has refreshed worries about yen-funded carry trades.
According to CoinDesk, the yen weakened to 163.73 per dollar, prompting both countries to confirm they bought yen on Friday, with Japan potentially spending up to $36.6 billion, while the US contribution has not yet been disclosed.
CoinDesk also notes that traders monitor the yen because carry trades often involve borrowing in Japan at a 1.0% policy rate and moving funds into higher-yield assets, where a sudden yen rise can force investors to unwind positions and sell other assets.
On Monday, BTC traded around $63,600, up about 1.8% over 24 hours and little changed versus seven days, and Bitget Wallet chief operating officer Alvin Kan said the intervention is more of a check on disorderly trading than the start of a sustained yen recovery.
Latest closeBitcoin $79,240.91 ▲1.9%