US Treasury Pledges Further Yen Intervention as Bitcoin Tumbles

Bitcoin's price fell more than 2% in just hours following a joint intervention by the US Treasury and Japanese authorities to stabilize the yen.

The rare move, which marked the first such effort since 1998, saw Japan's Ministry of Finance (MOF) intervene aggressively with purchases of several trillion yen.

US Treasury Secretary Scott Bessent stated that Friday's coordinated foreign exchange actions countered disorderly yen movements and pledged further intervention to support the yen.

The move sparked investor caution over the unwind of carry trades, which have supported Bitcoin's price. The US dollar index (DXY) fell to 99.50 as the USDJPY pair dropped to around 156.50.