Strengthening Yen Threatens Global Risk Assets as Bitcoin Holds Near $78,500

Bitcoin's price has stabilized near $78,500 as the Japanese yen continues to strengthen, reaching its highest level since February. The rising yen is pressuring global risk assets and potentially prompting investors to sell their portfolios.

The Bank of Japan's meeting on September 17-18 could further impact the market, with a 97% probability of a 25-basis-point interest rate hike priced in by Tokyo Tanshi.

Despite this, Bitcoin has maintained its recent trading range between $77,200 and $82,100, according to Bitfinex. The support comes from ETF inflows and a lower acquisition cost for recent holders, giving them a price cushion before their average position falls into a loss.