Bitcoin reached $91,000 last night: Japanese Bank intervention triggered risk asset rally

Since last night’s US session began, the market saw Bitcoin rise from $88,116 to $91,000, demonstrating rapid momentum amid speculation about the yen’s direction. Such a wave—approximately 2% change within just a few hours—prompted traders to consider larger implications for the global crypto market and risk assets overall.

Yen Intervention and the Future of the Forex Market

The Bank of Japan spokesperson acted more aggressively in their policy statements last night, and although there was no direct change in interest rates, the action triggered swift competition between the yen and USD. Within minutes after noon Eastern US time, market participants began to see signs of active intervention in foreign exchange markets, a move traditionally designed to support a weaker local currency.

For crypto traders and hedge fund managers, this move is highly significant. A weaker yen means cheaper funding from Japan-based carry trades, which can unwind and cause stress on leveraged positions across the market. Conversely, if the Bank of Japan is placing a floor under yen depreciation, it suggests that yen carry unwinding could continue, pushing money back into higher-beta assets like Bitcoin and other cryptocurrencies.

Bitcoin Traders Struggle Against Resistance, Crypto Stocks Hit Peak

So far, Bitcoin has maintained a price near $88,250, down 1.13% in the past 24 hours. Technical analysis from many analysts shows the asset is oscillating within a strong consolidation zone roughly 30% below its October peak, facing strong resistance near $89,000.

However, stocks connected to Bitcoin mining and infrastructure showed deeper optimism. Iren (IREN), Hut 8 (HUT), TeraWulf (WULF), and CleanSpark (CLSK) rose 5% to 10% during the session, while MicroStrategy (MSTR)—the largest corporation directly holding Bitcoin—rebounded 5% from its recent low. Even Coinbase (COIN), which plunged heavily last Friday, only dropped 1% from its recent lows.

Gold, Silver, and Precious Metals Rise Amid USD Strength

The US dollar’s strength continues to exert pressure on international commodities, but paradoxically, precious metals have risen significantly. Silver surged 5% to $101.44 per ounce, while gold led with a 1.5% increase approaching $5,000 per ounce. Platinum and palladium each rose over 6%, reflecting deeper inflation and geopolitical hedging demand.

Pudgy Penguins: From Speculative Luxury Goods to Multi-Vertical Consumer IP

Amid broader crypto consolidation, Pudgy Penguins has emerged as one of the strongest NFT-native brands in this cycle. Unlike many NFT projects focused purely on speculation, Pudgy Penguins employs a hybrid strategy: first attracting users through mainstream retail channels—toys and partnerships—then onboarding them into Web3 via games and the PENGU token.

The ecosystem has expanded into three verticals: phygital products with over $13 million in retail sales and more than 1 million units sold, gaming experiences like Pudgy Party which reached 500,000 downloads in just two weeks, and the widely-distributed PENGU token airdropped to over 6 million wallets. The market now prices Pudgy at a premium relative to traditional IP competitors, but long-term success depends on execution in retail expansion, gaming adoption, and deeper token utility.

The Bigger Picture: Bitcoin as a High-Beta Risk Asset

Due to the ongoing recovery of the US dollar and the strong performance in commodities like gold and silver, analysts are reconciling a new framework: Bitcoin no longer behaves like a macro hedge as it once did, but rather as a high-beta risk asset sensitive to leverage appetite and financial speculation.

This realization is important because it means Bitcoin’s future is more heavily dependent on global monetary policy, carry trade dynamics, and market risk sentiment than on intrinsic value. If the Bank of Japan and other central banks continue their hawkish tone while strengthening their local currencies, it could trigger larger risk-off moves, pressuring Bitcoin and crypto assets.

In the early morning hours, the market awaits to see whether last night’s momentum will be sustained or transitory—and whether Bitcoin can finally break through the $89,000 resistance or continue to consolidate at lower levels.