Bitcoin Rises on Yen Safe-Haven Demand After Election
Asian markets traded mixed as traders awaited the US Fed’s meeting minutes. Japan’s yen surged over 0.7% to around ¥148.49 per USD as safe-haven demand picked up following former LDP leader Shigeru Ishiba’s defeat in the July 20 upper-house election, dragging the Nikkei 225 down 0.7%. In China, the People’s Bank held its 1- and 5-year loan prime rates steady, keeping the yuan near 7.1788. Hong Kong’s Hang Seng and mainland China’s CSI 300 rose 0.55% and 0.28%, respectively, while South Korea’s Kospi and India’s Nifty 50 slipped 0.4% and 0.26%. Singapore’s dollar weakened on tariff concerns, but the Straits Times Index extended its winning streak to 11 sessions. In cryptocurrency markets, Bitcoin ticked up 0.21% to $118,369, with traders maintaining cautious bullish sentiment on Bitcoin.
Bullish
The election-driven yen rally boosted safe-haven flows across assets, including Bitcoin. A modest 0.21% price increase and persistent cautious bullish sentiment suggest traders view Bitcoin as a short-term refuge amid equity volatility and policy uncertainty. Holding rates steady in China supports regional liquidity, while tariff worries and looming Fed minutes add to risk-off dynamics. These factors collectively underpin a mildly bullish outlook for Bitcoin in both the near term and potentially over a longer horizon if safe-haven demand endures.