Yen Surge Crushes Bitcoin Hopes at $80K

Bitcoin's price struggled to reclaim $80,000 on Wednesday as investors focused on the Japanese yen, which continued its surge against the US dollar.

The yen hit a high of $0.0065 per dollar, its highest level since February, with short interest lingering near record highs at over 5 trillion yen.

US Treasury Secretary Scott Bessent hinted at further interventions in yen currency markets, saying he has 'asymmetric information' that allows him to anticipate the Bank of Japan's actions.

The strength of the yen is having implications for crypto markets, with traders eyeing the risk of a self-reinforcing unwind of the yen carry trade.