Yen Strength Sends Bitcoin Below $80K Amid Oil Price Surge
Bitcoin's price slipped below $80K on September 9 as it struggled to hold its recovery. This move lower came alongside a broad pullback in US stocks, driven by fresh US military strikes on Iranian oil tankers that pushed risk-off sentiment across markets.
Brent crude oil surpassed $101 per barrel for the first time since late July, while WTI crude traded above $96 per barrel. The Japanese yen also drew significant attention, hitting its highest level against the US dollar since February at around 153 yen per dollar.
The yen has gained roughly 6.5% against the dollar since the start of August, driven in part by repeated joint interventions by Japan and the US in foreign exchange markets. Charu Chanana, chief investment strategist at Saxo, warned that continued yen strength puts those short positions at risk as part of a broader carry trade unwind.
The Bank of Japan is expected to raise interest rates by 0.25% at its next meeting on September 28, which adds another layer of risk for traders holding large yen short positions. US Treasury Secretary Scott Bessent also added to the pressure on yen short traders, suggesting he holds an informational advantage over them.