Bitcoin trended lower with US stocks on Iran escalation while US Treasury Secretary Scott Bessent contributed to fears of a yen carry-trade unwind.
Bitcoin (BTC) struggled below $80,000 on Wednesday as attention refocused on the Japanese yen.
Data from TradingView showed the local upside in the BTC/USD pair reversing as it attempted to revisit the $80,000 mark. BTC is currently down by around 0.4% on the day.
BTC/USD one-hour chart. Source: Cointelegraph/TradingView
US stocks also drifted lower at the Wall Street open, fueled by fresh US strikes on Iranian oil tankers. The tensions helped send oil prices to new three-month highs, building on gains from the day prior.
At the time of writing, WTI crude traded above $96 per barrel, while Brent crude surged above $101 per barrel for the first time since late July.
CFDs on Brent crude oil one-day chart. Source: Cointelegraph/TradingView
Traders also eyed fresh developments in the yen as Japan’s currency hit its highest levels against the dollar since February. It is currently at $0.0065, up 6.5% since the start of August.
JPY/USD one-day chart. Source: Cointelegraph/TradingView
Previously, Cointelegraph reported on repeated joint interventions in foreign exchange markets by Japan and the US, which resulted in the rapid strengthening. The yen’s gains continued despite speculation that Washington may keep Japan from selling US Treasuries as part of future interventions.
Citing data from Bloomberg on Wednesday, Barchart flagged record yen short positioning at the start of September, with the total hovering above 5 trillion yen.
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