(Credits: CoinDesk)
Crypto markets steadied after a shaky start. Bitcoin recovered to nearly $82,000 during Asian trading Friday as gold, Asian stocks and Nasdaq futures rebounded while the Japanese yen surrendered early gains. Oil near $100 keeps inflation risks in focus.
Bitcoin, the largest cryptocurrency by market value, bounced after hitting lows below $81,000 overnight, and was testing its 50-day simple moving average — a widely watched gauge of near-term momentum. Ether, XRP, Solana and Dogecoin moved in the same direction. Gold, the traditional haven asset, recovered to $4,020 per ounce from an early low of $3,986.
Why Bitcoin Bounced: Yen Moves, Liquidations and Asia Stocks
The early risk-off tone had strengthened as the yen climbed to 156.07 per U.S. dollar, its highest level since September 18, after hotter-than-expected Japanese inflation data reinforced expectations of further Bank of Japan rate hikes. Yen moves often ripple through global markets because the currency has long been used to fund risk-on carry trades. As the yen gave up gains, Asia’s Nikkei and Kospi indices and Nasdaq futures all rebounded from session lows.
Leverage told the story behind the swing: $435 million in crypto futures positions were liquidated over 24 hours, including $385 million in longs — a sign that bets were skewed toward the bullish side. Meanwhile, weak demand for spot Bitcoin ETFs, which recorded $381 million in outflows on Thursday, could limit a broader rally in risk assets, CoinDesk reports.
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Source: CoinDesk — read the full story there.
