Coordinated action sent the yen sharply higher, but bitcoin’s recent correlation suggests U.S. dollar strength, rather than the carry trade, may be the bigger risk. USD/JPY reversed from nearly 164 to 156.5 after the U.S. joined Japan in coordinated intervention, reviving memories of bitcoin’s August 2024 sell-off. Despite fears that a stronger yen will pressure crypto, bitcoin’s 52-week correlation with USD/JPY reached minus 0.90, pointing instead to broad U.S. dollar strength as the likely dr…
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