Bitcoin price rose by 5% to reach $80,000, eventually climbing to $81,000. This market movement coincides with a decline in the US Dollar Index (DXY), which dropped to 99 as the Japanese yen strengthened amid suspected intervention by the Bank of Japan.
The USD/JPY exchange rate fell from 158.5 to 155.4. Analysts suggest this currency shift, combined with the anticipated Bank of Japan interest rate hike on September 18, may trigger a carry-trade unwind similar to events in Q3 2024.
Market expectations for a rate hike have intensified, with Polymarket data showing a 98% probability of a 25-basis-point increase. The likelihood of the central bank maintaining current rates has decreased from 12% to 1%.
MicroStrategy shares (MSTR) increased by 8.6% on Wednesday, marking a 70% recovery from late June lows, though the stock remains down 10% year-to-date. Meanwhile, the STRC preferred stock is trading at $97.80, below its par value of $100.