Bitcoin surged more than 5% during U.S. trading hours, climbing above $81,000 as a weaker U.S. dollar supported crypto markets.
The rally came as USD/JPY fell to 155.4 amid suspected Bank of Japan intervention, pushing the U.S. Dollar Index (DXY) down to around 99. A weaker dollar has historically provided a favorable backdrop for Bitcoin.
Expectations for a BOJ rate hike have also intensified. Polymarket traders now price a 98% probability of a 25-basis-point increase at the central bank’s Sept. 18 meeting, while odds of rates remaining unchanged have fallen to just 1%.
Strategy shares (MSTR) also jumped 8.6%, extending their rebound from late-June lows. However, concerns remain that BOJ intervention and tighter Japanese monetary policy could trigger another unwind of yen-funded carry trades, potentially increasing volatility across global markets. $BTC
The rally came as USD/JPY fell to 155.4 amid suspected Bank of Japan intervention, pushing the U.S. Dollar Index (DXY) down to around 99. A weaker dollar has historically provided a favorable backdrop for Bitcoin.
Expectations for a BOJ rate hike have also intensified. Polymarket traders now price a 98% probability of a 25-basis-point increase at the central bank’s Sept. 18 meeting, while odds of rates remaining unchanged have fallen to just 1%.
Strategy shares (MSTR) also jumped 8.6%, extending their rebound from late-June lows. However, concerns remain that BOJ intervention and tighter Japanese monetary policy could trigger another unwind of yen-funded carry trades, potentially increasing volatility across global markets. $BTC