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BTC Bitcoin News
On September 9, Bitcoin (BTC) failed to maintain its rebound momentum above US$80,000, falling about 0.4% on the day. The decline coincided with a broad correction in U.S. stocks. The latest U.S. military strike on Iranian oil tankers has intensified risk aversion in the market.
Brent crude oil prices topped US$101 a barrel for the first time since late July, while West Texas Intermediate crude (WTI) traded above US$96 a barrel. Oil prices had begun to climb the day before, and this escalation pushed them to a three-month high. Risky assets, including stocks and cryptocurrencies, fell back as traders digested the news.
A stronger yen adds pressure to global markets
On September 9, the yen also attracted widespread attention. The currency reached its highest level against the U.S. dollar since February, at around 153 yen to the U.S. dollar. Since early August, the yen has gained about 6.5% against the dollar, thanks in part to repeated joint interventions by Japan and the United States in the foreign exchange market.
Entering the week, short positions in the yen are still close to historical highs. Barchart quoted Bloomberg data showing that total short positions in the yen hovered above 5 trillion yen in early September. Charu Chanana, chief investment strategist at Saxo Bank, told Reuters that the continued strength of the yen has increased the risk of those shorting the yen, as part of a broader unwinding of carry trades. "The carry trade has become fragile because the Bank of Japan has not yet implemented the expected rate hike," Chanana said. She added that the remaining short positions were still large enough, so further yen strength could translate the gradual reduction in leverage into a faster, self-reinforcing liquidation process.
The Bank of Japan is expected to raise interest rates by 0.25 percentage points at its next meeting on September 28. The expected rate increase adds another layer of risk to traders with large short positions in the yen. The USD/JPY (US Dollar/Japanese Yen) exchange rate pair is a key indicator of global liquidity conditions and may have spillover effects on the cryptocurrency market.
Related articles: Bitcoin trading Fed interest rate path, facing a $80,000 ceiling: CoinShares
Besent hints at further intervention in the yen in the future
U.S. Treasury Secretary Scott Bessent put further pressure on traders to short the yen this week. At an event at Southern Methodist University in Texas on Tuesday, Besant said he had an information advantage over traders betting on a fall in the yen. "When we intervened in the yen, I had a pretty in-depth understanding of what the Bank of Japan was doing and what Japanese policymakers were planning. I have an asymmetric information advantage. I am now a banker." He told the Financial Times.
Basent last month hinted that he was open to future intervention in the yen. His latest comments were seen as a direct warning to traders with large short positions in the yen. The combination of record short positions, imminent BoJ interest rate hikes and coordinated intervention signals has increased the possibility of quick unwinding of carry trades, which could affect risky assets, including Bitcoin.
