Bitcoin Surges Past $81,000 on BOJ Intervention Speculation

MacroDigital FinanceDigital Finance Impact 4
โดย bitcoinaddict.com·JPUS·Read original
Summary · why it matters

Bitcoin's price surged more than 5%, breaking above $81,000, while the U.S. dollar index (DXY) fell to around 99 amid speculation that the Bank of Japan (BOJ) intervened in the yen again. The USD/JPY pair dropped from 158.5 to 155.4, reflecting a dollar depreciation of about 2.5% in a short period. Analysts from the account The Macro Paper noted that such a move does not happen without significant intervention, drawing parallels to the third quarter of 2024 when the BOJ intervened and raised interest rates simultaneously. This latest move follows the Japanese Ministry of Finance's disclosure that it spent over 15.4 trillion yen (approximately $98 billion) to support the yen from late July to August 26. The U.S. has also confirmed its participation in coordinated intervention. Meanwhile, BOJ board member Hajime Takata has signaled the possibility of aggressive or consecutive rate hikes to curb inflation, while BOJ Governor Kazuo Ueda has indicated that another rate hike could occur within this month. This has led Polymarket, a prediction market, to slash the probability of the BOJ holding rates steady from 12% to just 1%, while the odds of a 0.25% rate hike on September 18 are now priced at 98%. Historically, periods of DXY weakness have often coincided with strength in the crypto market, which partly explains Bitcoin's recent rally. Arthur Hayes, Chief Investment Officer of Maelstrom, commented that the FIMA Repo Facility could help ease liquidity in the global financial system. Bitcoin-related stocks like Strategy (MSTR) also rose, with shares up 8.6% and gaining over 70% from their late June lows. However, analysts remain divided on whether this intervention will trigger broader concerns about an unwinding of carry trades.

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