BTC holds above $79K despite 3.7% yen surge

Bitcoin held above $79,000 despite a sharp rise in the Japanese yen, marking a different pattern from the yen carry trade unwind in 2024, according to a BeInCrypto analysis. BeInCrypto said the dollar-yen exchange rate fell from 160.39 yen last Wednesday to 154.50 yen on Monday, implying a 3.7% rise in the yen’s value over three trading days. It said a similar yen surge in August 2024 triggered a broad unwind of carry trades, in which investors borrowed low-rate yen to invest in risk assets, sending BTC and ETH down by as much as 20%. This time, however, BTC stayed above $79,000. BeInCrypto reproduced the English phrase "Bitcoin survived its first yen shock."