Bitcoin Struggles Below $80K as Yen Strength Threatens Carry Trade Unwind

Bitcoin slipped below $80K as US-Iran tensions pushed oil above $100/barrel, while yen strength near 153 per dollar and record short positioning raised carry trade unwind fears.

Bitcoin News

Bitcoin (

) failed to hold its recovery above $80,000 on Sept. 9, slipping roughly 0.4% on the day. The move lower came alongside a broad pullback in US stocks. Fresh US military strikes on Iranian oil tankers drove risk-off sentiment across markets.

Brent crude oil surpassed $101 per barrel for the first time since late July, while WTI crude traded above $96 per barrel. Oil prices had already been climbing the day prior, and the latest escalation pushed them to three-month highs. Risk assets including stocks and crypto retreated as traders absorbed the news.

Yen Strength Adds Pressure on Global Markets

The Japanese yen also drew significant attention on Sept. 9. The currency hit its highest level against the US dollar since February, trading at around 153 yen per dollar. The yen has gained roughly 6.5% against the dollar since the start of August, driven in part by repeated joint interventions by Japan and the US in foreign exchange markets.

Yen

positioning remained near record highs heading into the week. Data cited by Barchart from Bloomberg showed total yen short interest hovering above 5 trillion yen at the start of September. Charu Chanana, chief investment strategist at Saxo, told Reuters that continued yen strength puts those short positions at risk as part of a broader carry trade unwind.