Bitcoin (BTC) remained above $60,000 during Thursday’s European session, reflecting a shift in expectations that the Federal Reserve will hold rates steady into July.
The shift came after Fed Chair Kevin Warsh indicated that inflation risks have eased, prompting a dovish repricing across markets.
Currency markets reacted with a rally in the Japanese yen, which rose to 161.20 per U.S. dollar from its 40‑year low of 162.84. The sudden strengthening of the yen during European hours sparked speculation that the Bank of Japan may have intervened to support the currency. Despite the BOJ’s recent 1% interest‑rate hike, the policy move did not stem the yen’s sell‑off, and the dollar remains attractive thanks to U.S. rates of 3.5%.
Notably, the yen and Bitcoin have exhibited a close correlation, highlighting the intertwined nature of currency and crypto markets.