Bitcoin Surges Past $80K as DXY Slides

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Bitcoin rallied 5% to reclaim $80,000 as the US dollar weakened amid a suspected Bank of Japan currency intervention, though analysts remain split on the impact.

Bitcoin (BTC) rallied 5% during US trading hours, reaching $81,000.

Bitcoin rallies above $81,000 in US trading, having risen more than 5% over the past 24 hours.

USD/JPY drops to 155.4 amid suspected Bank of Japan (BOJ) intervention, dragging the US Dollar Index (DXY) down to 99.

Polymarket odds for a BOJ rate hold collapse further from 12% to 1%, with a 98% probability now priced in for a 25-basis-point hike on Sept. 18.

Weaker dollar drags crypto higher

At the time of writing, BTC stands at $81,000, near the highs seen during last month’s surprise upside.

The move comes as the Japanese yen (JPY) continued to strengthen in a suspected central bank intervention, which Cointelegraph first reported on Wednesday. After dropping to 158.5 on Wednesday, the USD/JPY pair saw further downside to 155.4. This put pressure on the DXY, which fell to 99. Downside in the DXY has historically been positive for Bitcoin.

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