Bitcoin fails to reclaim $80,000 as yen strength and oil surge pressure markets

  • Bitcoin failed to reclaim $80,000 amid broader selling across risk assets.
  • Bitcoin fell about 0.4% from the previous day.
  • The yen traded around 153 per dollar, its strongest level since February.

Bitcoin failed to regain $80,000 and was down about 0.4% from the previous day as selling intensified across risk assets after reports of a U.S. strike on Iranian oil tankers. Oil prices rose to three-month highs, with West Texas Intermediate above $96 a barrel and Brent above $101, while New York stocks opened lower. The yen strengthened to around 153 per dollar, its strongest level since February and a 6.5% gain since early August. The move has increased pressure on yen carry trades, a strategy involving yen borrowing to fund other investments, with short yen positions above 5 trillion yen. Saxo Bank chief investment strategist Charu Chanana said further yen strength could accelerate deleveraging. The Bank of Japan is expected to raise rates by 0.25 percentage point at its September 28 meeting, while U.S. Treasury Secretary Scott Bessent signaled possible further intervention in the yen market.

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Bitcoin fails to reclaim $80,000 as yen strength and oil surge pressure markets - CoinPost Terminal