Bitcoin Fails to Reclaim $80K as Strong Yen and Iran Strikes Weigh on Risk Assets
Bitcoin struggled to regain its footing above $80,000 on Wednesday as US-Iran strikes weighed heavily on risk assets. The cryptocurrency's local upside in the BTCUSD pair reversed as it attempted to revisit the $80,000 mark.
The Japanese yen continued to trade near its highest levels against the dollar since February, with a value of around 153 per dollar. This strength was fueled by record yen short positioning, which has lingered at high levels since the start of September.
US Treasury Secretary Scott Bessent hinted at further interventions in yen currency markets, suggesting that he had 'asymmetric information' about future Bank of Japan actions. His comments came as Brent crude oil surged above $101 per barrel for the first time since late July.