Bitcoin under pressure below $60,000 as Japanese yen hits 40-year low against the U.S. dollar
Key takeaways
- The leading cryptocurrency by market value traded below $60,000, holding below the pivotal 200-week simple moving average.
- Essentially, it may sell BTC worth over a billion dollars in an already weak market — a sharp pivot from founder Michael Saylor’s longtime mantra of “never sell your bitcoin.”
- This pivot, however, may offer little long-term solace, according to some observers.
BTC under pressure. (Roméo A./Unsplash)Summary Show Bitcoin fell more than 1% to below $60,000, remaining under its 200-week moving average as currency markets swung with the yen’s slide.Strategy, the largest public holder of bitcoin, plans to sell more than $1 billion of BTC as part of a $1.25 billion monetization program, a sharp break from Michael Saylor’s long-held “never sell” stance.The Japanese yen has dropped to its weakest level against the dollar since 1986 amid starkly divergent U.S.-Japan interest rates, raising risks of a disorderly unwinding of yen-funded carry trades that could hit stocks, bonds and crypto.Bitcoin BTC$59,913.04 is down over 1% on Tuesday as the Japanese yen slipped to four-decade lows against the U.S. dollar, triggering volatility in currency markets.
The leading cryptocurrency by market value traded below $60,000, holding below the pivotal 200-week simple moving average.
On Monday, Strategy, the world's largest publicly listed BTC holder, authorized plans to buy back as much as $1 billion each of its preferred and Class A common shares, and is launching a $1.25 billion "monetization program" to raise capital with bitcoin sales. Essentially, it may sell BTC worth over a billion dollars in an already weak market — a sharp pivot from founder Michael Saylor’s longtime mantra of “never sell your bitcoin.”