Bitcoin Holds $79,000 Despite 3.7% Yen Surge, Diverging From 2024 Pattern
Summary
- The report said the yen rose 3.7%, but Bitcoin (BTC) held the $79,000 level.
- It said that during the yen's sharp rise in August 2024, an unwind of the yen carry trade sent Bitcoin and Ether (ETH) down as much as 20%.
- This time, it said, Bitcoin held above $79,000 and weathered the first yen shock.
Forecast Trend Report by Period
Bitcoin (BTC) held the $79,000 level even after the yen surged over a short period, marking a different pattern from the unwind of the yen carry trade in 2024.
BeInCrypto reported on September 7 that the dollar-yen exchange rate fell to 154.50 from 160.39 last Wednesday. That left the yen up 3.7% over three trading sessions.
In August 2024, a sharp rise in the yen triggered a broad unwind of the yen carry trade, in which investors borrow low-interest yen to invest in risk assets. Bitcoin and Ether (ETH) then fell by as much as 20%.
BeInCrypto said Bitcoin stayed above $79,000 this time, concluding that the token had weathered the first shock from the yen's move.
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