Bitcoin recovered to nearly $82,000 during Asian trading Friday as the Japanese yen surrendered early gains, triggering a broader rebound in gold, Asian equities, and futures markets.
The recovery followed an overnight low of $81,000 for bitcoin. Gold climbed to $4,020 per ounce after earlier trading as low as $3,986. Nasdaq futures rose 0.17% to 29,190 from an earlier 29,022, while major Asian equity indices including Japan’s Nikkei and South Korea’s Kospi rebounded from session lows.
The yen’s reversal proved pivotal. The currency had climbed to 156.07 per U.S. dollar, its highest level since Sept. 18, driven by hotter-than-expected Japanese inflation data and expectations of further Bank of Japan rate hikes. Yen strength typically constrains risk appetite globally because the currency funds carry trades that fuel demand for riskier assets including cryptocurrencies.
The liquidation cascade underscored the leverage embedded in crypto markets. Over 24 hours, $435 million in crypto futures positions were liquidated, with $385 million in bullish bets unwound. On Thursday, spot bitcoin ETF outflows reached $381 million, signaling weak institutional demand despite the price recovery.
Bitcoin tested its 50-day simple moving average during the recovery. Other cryptocurrencies including ether, XRP, solana, and dogecoin moved in line with bitcoin’s rebound.
Oil markets showed less sensitivity to shifting sentiment. WTI futures traded near $100 per barrel. U.S. President Donald Trump invoked a Cold War-era law aimed at boosting fuel production, though the move has yet to materially cool oil prices. Sustained rises in crude could fuel global inflation and weigh on risk assets including cryptocurrencies.
