BlockBeats News, February 24 — The market focus has shifted to exchange rates and interest rates as dual variables. According to Nikkei News, the U.S. Department of the Treasury proactively initiated a “currency check” to support the yen in January and is prepared to coordinate with Japan for joint intervention if necessary. This move was led by Treasury Secretary Janet Yellen, amid rising political uncertainty before Japan’s general election and concerns over systemic risks as the yen approaches the 160 level. Although U.S. and Japanese officials have not officially confirmed intervention, such currency checks are generally seen as a prelude to actual market action.
Meanwhile, internal disagreements within the Federal Reserve over the March policy path have resurfaced. Fed Governor Waller stated that if the 130,000 new jobs added in January continue in February, it would support pausing rate cuts; if data weaken, he leans toward a 25 basis point rate cut. The shift from a previously dovish stance among officials has made the market’s pricing for the March meeting more “data-dependent.” Although tariffs faced partial rejection by the Supreme Court, Waller believes this has limited impact on the monetary policy path. The core remains the resilience of the labor market.
On the cross-market capital front, expectations of currency intervention and interest rate path swings coexist, increasing short-term volatility. If the yen gains support, the dollar index may face temporary pressure, with capital quickly rotating between safe-haven currencies and risk assets. Conversely, if rate cut expectations are further delayed, it will compress the valuation elasticity of risk assets.
In the crypto market, Bitcoin shows a downward structure. After falling from above $67,000, bullish liquidity has been temporarily cleared, with dense liquidation zones between $62,000 and $64,000. There is still accumulated short interest around $66,000. If the dollar weakens and liquidity expectations improve simultaneously, a short-term rebound may occur as liquidity above is swept out; otherwise, if rate hike expectations remain tight, the structure will continue to oscillate weakly and test lower bounds repeatedly. The key variable remains whether capital is willing to re-establish risk exposure amid macro uncertainties.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
South Korea Urgently Reviews Management of Seized Crypto Assets: 22 BTC Lost and 620,000 BTC System Misrecorded Trigger Regulatory Upgrades
The Korean government is reevaluating the management of seized crypto assets to strengthen security measures and prevent errors. This review stems from incidents such as police losing Bitcoin and large platforms making accounting errors, revealing regulatory gaps. Plans include enhancing multi-signature management and technical audits to improve digital asset security.
GateNews3m ago
The swing whale "pension-usdt.eth" has entered the market again to go long on BTC, increasing holdings by tens of millions in a short period.
BlockBeats News reports that on March 2nd, the address "pension-usdt.eth" continued building a 3x leveraged BTC long position at approximately $65,691 BTC. The current position size is 291 BTC, with an expected final total of 1,000 BTC. This address has profited from swing trading, with cumulative gains exceeding $20 million since October of last year.
GateNews11m ago
The largest BTC long position was liquidated 24 times within 24 hours, and the long bets on the Hamaneyah assassination node predicted the end of the war.
The largest long address for BTC (0xdf1) was liquidated 24 times in the past 24 hours, with a total value of approximately $3.9 million. The account balance dropped from $2.66 million to $140,000, a decline of over 94.7%. This address previously held a leveraged position with 40x leverage on long BTC, funded by unrealized gains from SOL longs, significantly increasing the risk of liquidation.
GateNews26m ago
Analysis: The bears are not enough to quickly "break 6 and see 5" for BTC. The $64,500 support will be reaffirmed after the US stock market opens.
Bitcoin analyst Murphy pointed out that when the price approaches the historical average turnover cost of $64,500, market sentiment reaches a limit. Recently, Bitcoin has repeatedly fallen below this cost line but quickly rebounded, indicating strong bullish resistance. As the focus shifts from US-Iran geopolitical conflicts, it is expected to have a significant impact on crude oil prices, and in the short term, the bearish forces are insufficient to quickly push prices down.
GateNews40m ago
Trading Moment: Geopolitical conflicts trigger risk aversion sentiment, over 60% of analysts are bullish on Bitcoin
Daily Market Highlights and Trend Analysis, produced by PANews.
Macro Market
Following the joint military strike by the US and Israel against Iran that resulted in the death of Khamenei, the Middle East powder keg has been fully ignited. Trump's tough stance has heightened market anxiety, as he openly stated that military operations could last four weeks and would not cease until objectives are met; meanwhile, Iran responded firmly, declaring that the decision to cease fire lies with Iran.
Panic quickly swept through traditional financial markets. US stock index futures opened sharply lower on Monday, with S&P 500, Nasdaq, and Dow Jones futures all down over 1%. Short-term government bond yields briefly dropped to their lowest levels since 2022, as funds frantically flee overvalued risk assets.
In the rush to safe havens, precious metals unsurprisingly became the ultimate refuge for global capital. Spot gold surged 2% to $5,390 per ounce, and spot silver jumped 2.6% to $96.
PANews44m ago
