Bitcoin Fails to Recover $80,000, Oil Prices Hit $101, Yen Strengthens

Bitcoin (BTC) failed to recover the $80,000 mark on the 9th, as surging international oil prices and a strengthening yen put pressure on the cryptocurrency market. Bitcoin dropped approximately 0.4% during the day, while U.S. stock markets also showed weakness. Due to escalating tensions between the U.S. and Iran, concerns over oil supply chains have increased, pushing Brent crude above $101 per barrel and West Texas Intermediate (WTI) over $96. Rising oil prices could exert pressure on inflation and interest rate trajectories, potentially leading to selling pressure on risk assets. The yen has strengthened, with the dollar-yen exchange rate falling to around 153 yen, marking its strongest level since February. As concerns grow over the unwinding of yen carry trades, if the yen continues to strengthen, the pace of leverage reduction may accelerate. By early September, net short positions in the yen exceeded 5 trillion yen, and position adjustments could impact the foreign exchange market and liquidity-sensitive markets. The U.S. Treasury Secretary has mentioned the possibility of intervention in the Japanese yen market, and expectations for interest rate hikes by the Bank of Japan, along with the speed of unwinding yen carry trades, have emerged as key variables. The next meeting of the Bank of Japan is scheduled for September 28.

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