The United States has intervened to support Japan’s yen for the first time since 1998, with collaboration from the Bank of Japan, the U.S. Treasury, and Japan’s Ministry of Finance. This intervention aims to counter the yen’s weakness caused by Japan’s ultra-loose monetary policy and the wide interest rate differential with the United States. Bitcoin’s price dropped from $65,400 to below $62,300, resulting in approximately $648 million in liquidations. The $60,000 to $62,000 range represents a crucial downside liquidity zone, while xWin Finance estimates that potential inflows into Japan’s spot Bitcoin ETFs could reach $18.4 billion in a bull market.
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