Bitcoin falls more than 1% as yen strength, bond yields pressure risk assets

  • Bitcoin fell as a stronger yen and rising government bond yields pressured risk assets.
  • Bitcoin dropped more than 1% in 24 hours, trading just above $78,000.
  • Dollar-yen fell to 152.99, its lowest level since February, raising carry-trade unwind concerns.

Bitcoin fell more than 1% over 24 hours to just above $78,000 as a stronger yen and rising government bond yields weighed on global risk assets. The dollar-yen exchange rate fell as low as 152.99 on September 8, lifting the yen to its strongest level since February and prompting concern that the yen carry trade (borrowing yen cheaply to buy risk assets) could unwind. Gold dropped 1% to $4,390 an ounce, while U.S. technology stocks edged lower before the open. Oil moved in the opposite direction, with Brent crude rising 2% toward $100 a barrel and West Texas Intermediate gaining 3.5% to nearly $95. The U.S. 10-year Treasury yield exceeded 4.8%, and government bond yields in the U.K., France and Germany also increased.

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Bitcoin falls more than 1% as yen strength, bond yields pressure risk assets - CoinPost Terminal