Bitcoin Stuck Below $80K as Bessent Dares Yen Shorts — SkimNews
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- Bitcoin failed to reclaim $80,000 on TradingView data, down roughly 0.4% on the day as a local upside move reversed
- WTI crude traded above $96/barrel while Brent surged past $101/barrel for the first time since late July, after fresh US strikes on Iranian oil tankers sent US stocks lower at the open
- Japanese yen hit its highest level against the dollar since February at $0.0065, up 6.5% since the start of August, continuing gains from prior joint Japan-US FX interventions
- Record yen short positioning above 5 trillion yen at the start of September, flagged by Barchart citing Bloomberg data, raises the risk of forced covering
- Charu Chanana, chief investment strategist at Saxo, warned that the yen carry-trade unwind could turn "self-reinforcing" before the Bank of Japan's expected 0.25% rate hike on September 28
- Scott Bessent doubled down on intervention hints at Southern Methodist University, telling traders he has "asymmetric information" on Bank of Japan policy and "I am the house now"
Why it matters: Record yen short positioning above 5 trillion yen sits ahead of the Bank of Japan's expected September 28 rate hike, and Saxo's Charu Chanana warned the unwind could become self-reinforcing before policymakers act. With Bessent publicly backing coordinated intervention, USD/JPY movements now shape global liquidity conditions that flow directly into crypto and equity positioning.
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