BTC rebound linked to suspected Japanese FX market intervention

Bitcoin's short-term rebound to recover the $91,000 level was influenced by suspected intervention in the foreign exchange market by Japanese authorities, according to an analysis by Coindesk. The report notes that BTC reversed its morning losses as the Japanese yen strengthened against the U.S. dollar, a move some experts believe shows the typical characteristics of official market intervention. Many market analysts have previously pointed to a weak yen and the resulting leveraged carry trades as one of the causes for the recent sluggishness in the cryptocurrency market, including Bitcoin.