Bitcoin Holds $78K, Yen Breaks 160, Stronger Dollar Keeps Pressure on Crypto Market

Bitcoin is currently holding near the $78,000 level, down 0.04% over the past 24 hours, while still up about 1% over the past week. Under pressure from a stronger dollar and shifting rate expectations, the broader crypto market remains subdued, with Solana and Dogecoin leading declines at around 2%, followed by Hyperliquid and XRP; Ethereum, BNB, Zcash, and TRON are roughly flat. Meanwhile, the yen weakened past the 160 level against the dollar, trading near Tokyo market levels. Market strategists suggest that further yen depreciation toward 161 could trigger intervention, with the 162-163 range potentially facing stronger intervention pressure. Following Federal Reserve Chair Warsh's remarks at Jackson Hole, market expectations for higher U.S. rates have intensified, with bond investors beginning to price in the possibility of Fed rate hikes, strengthening the dollar. This repricing of rate expectations had previously driven institutional outflows from bitcoin ETFs. Market focus will remain on monthly bitcoin ETF fund flows.