Bitcoin Fails $80K as Yen Tops February High — SkimNews
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- Bitcoin failed to reclaim $80,000, trading down about 0.4% on the day as its local upside reversed, according to TradingView data.
- US stocks drifted lower at the Wall Street open after fresh US strikes on Iranian oil tankers pushed WTI crude above $96/barrel and Brent above $101/barrel for the first time since late July.
- The Japanese yen hit its highest level against the dollar since February, trading at $0.0065 and up 6.5% since the start of August, with record yen short positioning above 5 trillion yen flagged by Bloomberg data via Barchart.
- Charu Chanana, chief investment strategist at Saxo, warned that further yen strength could turn a gradual leverage reduction into a "much faster, self-reinforcing unwind" of the yen carry trade, noting the Bank of Japan has yet to deliver its expected 0.25% rate hike scheduled for September 28.
- US Treasury Secretary Scott Bessent doubled down on intervention hints at a Southern Methodist University event, saying: "When we intervene with the Japanese yen, I have pretty good insight into what the Bank of Japan is going to do... I have asymmetric information. I am the house now."
Why it matters: The convergence of record yen short positioning (above 5 trillion yen), an anticipated BOJ rate hike on September 28, and Bessent's public dare to short-sellers creates conditions for a self-reinforcing carry trade unwind. Chanana of Saxo specifically flagged that USD/JPY liquidity conditions ultimately feed crypto market volatility, meaning the yen's trajectory now directly threatens Bitcoin's near-term path.
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