Capital B (ALCPB) acquired 376 bitcoin for $29.3 million at an average price of $77,930 per BTC, bringing its total holdings to 3,521 BTC. The company’s total bitcoin cost basis is $358.9 million, with an average acquisition price of $101,938 per BTC.
With U.S. markets closed for Labor Day, the biggest story is the strength of the Japanese yen, which has climbed to 154 against the U.S. dollar.
Reports suggesst that Japan likely sold U.S. Treasuries to fund its record yen intervention, with the country’s foreign reserves falling by a record $79.6 billion to $1.21 trillion.
Bitcoin remains above $79,000 on Monday despite falling more than 1%, while gold is down 0.5% to $4,400 an ounce. WTI crude oil is 1.5% higher at $92.55 a barrel.
The Japanese yen has strengthened to its highest level against the U.S. dollar since February, with USD/JPY falling to 154 as markets price in further interest-rate hikes from the Bank of Japan.
The pair has dropped by 600 pips in less than a week. The sharp rise in JPY poses a threat to carry trades. Investors who borrowed cheaply in yen to buy higher-yielding assets may feel the urge to unwind their bets and repurchase yen. Such unwinding could further strengthen the currency and put pressure on global risk assets. Bitcoin is down more than 1% in the past 24 hours, hovering just above $79,000.
The rally follows U.S. Treasury Secretary Scott Bessent’s disclosure that the United States joined Japan in a coordinated foreign-exchange intervention.
Smaller tokens are chalking out impressive gains as market leaders bitcoin (BTC) and ether (ETH) take bull breather following August rallies.
Tokens such as KAS, TAO, WLD and ICP have rallied by 11% to 16% in the past 24 hours, according to data source TradingView. Bitcoin, meanwhile, has declined by 0.6% to $79,300. Ether has dropped by 0.4% to $2,487.
Bitcoin’s dominance rate, or its share of the total crypto market value, has pulled back to 59.5% from 60.4% in four days. It points to a rotation of capital out of BTC.
Bitcoin traded just above $79,300 as of Asian morning hours Monday, down under 1% over 24 hours and up about 2% on the week, according to CoinDesk data.
Zcash was the standout at nearly $1,183, up more than 3% on the day and 45% on the week after clearing $1,000 on Friday for the first time since 2016. Monero fell nearly 3% but holds a 4% weekly gain. The rest moved little. BNB dropped 2%, dogecoin and solana about 1% each, and ether, XRP, tron and hyperliquid all sat within 1% of flat. The seven-day frame is where the market is green, with BNB up nearly 9%, dogecoin more than 8% and hyperliquid 7%.
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