US hints at more yen intervention: Five things to know in Bitcoin this week

The US and Japan collaborated for the first time since 2011 to intervene in the yen, as Bitcoin traders prepare for a challenging August. Bitcoin started August at around $63,000, amid concerns over the Coldcard wallet hack. US Treasury markets were a primary factor in this decision, with the US intervening after the USD/JPY rate reached nearly 164.

This was the first coordinated US-Japan foreign-exchange intervention since 2011 and the first joint operation specifically supporting the yen since 1998. The New York Fed acted as the Treasury's fiscal agent in this operation, highlighting how institutions outside the FOMC can influence currencies and financial conditions. The US Treasury emphasized its commitment to joint intervention, mentioning the FIMA Repo Facility as a potential backstop.

Meanwhile, macroeconomic data, particularly US nonfarm payrolls, will be the main focus for crypto and risk asset traders this week. Additionally, the potential deal between the US and Iran, as hinted at by President Trump, could impact oil prices and overall market sentiment. Bitcoin investors are also reacting to the repeated theft from Coldcard hardware wallets, which has drained nearly $90 million in Bitcoin since Sunday.