Bitcoin · Japan · Federal Reserve (FED) · CoinDesk
Live markets: Bitcoin has traded below its mining cost for five months, squeezing miners
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Bitcoin isn’t the only asset feeling the heat from Wednesday’s hawkish Federal Reserve meeting.
Key facts
- Meanwhile, Bitcoin has fallen sharply from Monday’s high near $67,000 to around $62,700, with selling accelerating in the wake of the Fed’s more hawkish stance
- The yen weakened to 161.80 per U.S. dollar in early trading, below its 2024 low of 161.95 and dangerously close to its weakest level in nearly 40 years
- The move comes after Fed officials raised their interest-rate projections for 2026 and 2027, reinforcing expectations for a stronger U.S. dollar across global markets
- Although the Bank of Japan raised its key rate to 1% earlier this week, that remains far below the U.S. federal funds rate of 3.5%
Summary
The yen weakened to 161.80 per U.S. dollar in early trading, below its 2024 low of 161.95 and dangerously close to its weakest level in nearly 40 years. The move comes after Fed officials raised their interest-rate projections for 2026 and 2027, reinforcing expectations for a stronger U.S. dollar across global markets. Adding to the pressure, the BOJ also decided to pause the tapering of its bond purchases, a dovish signal that largely offset the impact of its rate hike. Meanwhile, Bitcoin has fallen sharply from Monday’s high near $67,000 to around $62,700, with selling accelerating in the wake of the Fed’s more hawkish stance.