Bitcoin drops over 1% amid broader dollar strength fueled by the Japanese yen’s historic decline and MicroStrategy’s $1 billion BTC sale plan.
Bitcoin fell more than 1% to below $60,000 in Asian trading as the Japanese yen hit its weakest level against the U.S. dollar since 1986. The yen’s slide lifted the dollar broadly, pressuring risk assets including cryptocurrencies.
The decline follows MicroStrategy’s announcement of a $1.25 billion monetization program, including plans to sell over $1 billion of its BTC holdings. The move marks a sharp reversal from the company’s long-standing “never sell” policy under founder Michael Saylor.
Analysts warn the yen’s weakness could trigger a disorderly unwinding of carry trades, potentially destabilizing stocks, bonds, and crypto markets. Bitcoin remains below its 200-week moving average, a key technical level.