Bitcoin remained above $60,000 during European trading as markets reduced expectations of a July Federal Reserve rate increase. The yen also strengthened sharply, prompting speculation about possible Bank of Japan intervention.
Bitcoin remained above $60,000 during European trading as markets reduced expectations of a July Federal Reserve rate increase. The yen also strengthened sharply, prompting speculation about possible Bank of Japan intervention.
The moves matter because bitcoin and the yen have recently developed a strong positive correlation. Their simultaneous gains also reflected broader pressure on the dollar as markets reassessed the outlook for U.S. monetary policy.
Bitcoin traded above $60,000 during Thursday’s European hours while the Japanese yen rebounded against the U.S. dollar. Traders scaled back expectations of a Federal Reserve interest-rate increase in July after Fed Chair Kevin Warsh said inflation risks had eased.
The moves matter because bitcoin and the yen have recently developed a strong positive correlation. Their simultaneous gains also reflected broader pressure on the dollar as markets reassessed the outlook for U.S. monetary policy.
The yen strengthened to 161.20 per dollar after reaching a 40-year low of 162.84. Its sudden advance fueled speculation that the Bank of Japan may have intervened to support the currency, though the source did not confirm any action.
Japan recently raised its interest rate to 1%, but that step had not stopped the yen’s decline. U.S. rates remained higher at 3.5%, preserving the dollar’s relative appeal to investors.
Separately, Binance recorded more than $2 billion in net outflows over seven days, according to CoinMarketCap data. CryptoQuant analyst Darkfost said average daily bitcoin deposits below 1 BTC had fallen to 329 BTC, the lowest recorded level for the exchange and a sign of weaker retail participation.
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