Bitcoin fails to reclaim $80K as Bessent fuels yen strength around 153 per dollar

Bitcoin (BTC) struggled below $80,000 on Wednesday as attention refocused on the Japanese yen.

Key points:

• Bitcoin saw further macro headwinds as US-Iran strikes pushed Brent crude oil above $100 per barrel.
• The Japanese yen continued to trade around 153 per dollar, its highest levels since February as yen shorts stayed near record highs.
• US Treasury Secretary Scott Bessent hinted at further interventions in yen currency markets to come.

Bitcoin lacks momentum as Iran strikes sour risk-asset mood

Data from TradingView showed the local upside in the BTC/USD pair reversing as it attempted to revisit the $80,000 mark. BTC is currently down by around 0.4% on the day. 

BTC/USD one-hour chart. Source: Cointelegraph/TradingView

US stocks also drifted lower at the Wall Street open, fueled by fresh US strikes on Iranian oil tankers. The tensions helped send oil prices to new three-month highs, building on gains from the day prior. 

At the time of writing, WTI crude traded above $96 per barrel, while Brent crude surged above $101 per barrel for the first time since late July.

CFDs on Brent crude oil one-day chart. Source: Cointelegraph/TradingView

Traders also eyed fresh developments in the yen as Japan’s currency hit its highest levels against the dollar since February. It is currently at $0.0065, up 6.5% since the start of August.