Bitcoin and Gold Rise as Yen Strengthens and Dollar Weakens

Bitcoin and gold rose as the yen strengthened sharply and the U.S. dollar weakened across markets. According to PANews, Bitcoin was trading at $78,535.67.The report said the move in the yen has weighed on the dollar index and helped lift dollar-denominated assets such as Bitcoin. It added that a weaker dollar typically supports assets priced in dollars and can ease global financial conditions, while a stronger dollar often pressures Bitcoin.The article also warned that a disorderly and rapid rise in the yen could trigger large-scale unwinding of yen carry trades. It said traders have borrowed low-cost yen for more than a decade to buy stocks, bonds and cryptocurrencies, and that a sharp yen rally could force foreign investors buying Japanese equities with borrowed yen, as well as domestic traders using cheap yen for overseas assets, to liquidate positions.