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Bitcoin rises to $91,000, exhibiting signs of vitality amid suspected intervention by the Bank of Japan.
After previously surpassing $100 per ounce for the first time in history, silver has climbed to $101, while gold remains just below $5,000 per ounce.
Bitcoin (BTC) price (CoinDesk)
Key points:
- Bitcoin reversed a previous drop on Friday, climbing back to $91,000.
- Speculated Japanese intervention propelled the yen upward against the U.S. dollar, a development viewed by some as a crucial step towards rekindling a bull market in cryptocurrency.
- American stocks showed gains, and precious metals continued to achieve new all-time highs.
Bitcoin regained the $91,000 mark during the early afternoon hours in the U.S. on Friday, maintaining its volatile behavior and posing a threat to sustainably escape its tight week-long range of approximately $88,000-$90,000.
The swift 2% uptick from the morning’s lows might be attributed to suspected intervention in the foreign exchange market by Japanese officials. The Bank of Japan maintained its monetary policy overnight but was perceived as somewhat hawkish in its statement. This led to a modest strengthening of the yen against the U.S. dollar — a trend that intensified just after noon on the U.S. east coast, with some traders claiming the movement bore the characteristics of FX intervention.
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Amid all the discussions surrounding President Trump, Greenland, tariffs, precious metals, AI, and various other attention-grabbing topics, there exists a significant group of traders who believe that the recent depreciation of the yen — along with the consequences for leveraged carry trades — has contributed to the challenges faced by Bitcoin and the wider cryptocurrency market.
As that weakness potentially reverses, these traders are optimistic that risk assets such as cryptocurrencies could see improvements.
Crypto-related stocks on the rise
Bitcoin miners, particularly those increasing their involvement in artificial intelligence infrastructure, transformed their early losses into a vigorous rally. Iren (IREN), Hut 8 (HUT), TeraWulf (WULF), and CleanSpark (CLSK) surged by 5%-10% after initially starting the session negatively. Strategy (MSTR), the largest corporate holder of Bitcoin, rebounded 5% from Friday’s low. After a significant drop early on Friday, Coinbase (COIN) managed to reduce its loss to just 1%.
U.S. stocks have also reversed their early downturn, with the Nasdaq now up by 0.6%.
Precious metals continue to rise, with silver now exceeding 5% to $101.44 per ounce and gold up 1.5% to just a few dollars below $5,000. Platinum and palladium have each increased by more than 6%.
