Bitcoin Plummets on Rare US-Japan Intervention to Buy Yen

Bitcoin's price took a hit after the US Treasury Secretary signaled further coordinated intervention to buy Japanese yen, sparking fears of a carry trade unwind. The move marks a rare joint effort between the US and Japan, with the last instance being in 1998.

The intervention aims to stabilize the yen, which has been affected by the ongoing global economic uncertainty. The US Treasury Secretary's pledge for further coordinated action has sent shockwaves through the market, causing Bitcoin's price to drop over 2% in a few hours.