Bitcoin hovered just below $78,000 in Asian trading on Monday, showing a small decrease of less than 1% over the past 24 hours but a roughly 1% gain on the week, as reported by CoinDesk data.
Altcoin performance diverges sharply
Solana and dogecoin recorded the largest losses in the previous 24 hours among major coins, each falling about 3%. Hyperliquid and XRP also posted moderate declines during the same period. Meanwhile, ether, BNB, zcash, and tron remained close to flat, with price changes within 2% in either direction.
On a weekly basis, the divergence between leading altcoins became more pronounced. Solana advanced by approximately 8% over the period, outperforming other tokens, while dogecoin fell around 10% for the week.
Solana climbed 8% this week, while dogecoin retreated by 10%, highlighting sharp contrasts in the altcoin market.
| Coin | 24h change | Weekly change |
|---|---|---|
| Bitcoin | <1% down | 1% up |
| Solana | 3% down | 8% up |
| Dogecoin | 3% down | 10% down |
| Ether | Flat (<2%) | N/A |
| XRP | Small decline | N/A |
| BNB, zcash, tron | Flat (<2%) | N/A |
Japanese yen weakens near 160 per dollar
The Japanese yen traded just above 160 per dollar in Tokyo on Monday after breaking that level earlier in the session. Currency strategists identified potential intervention thresholds at 161 and then in the 162 to 163 range. Despite the yen’s recent weakness, the currency has reclaimed more than half the strength it gained during a record intervention in July, when the United States and Japan coordinated yen buying for the first time since 1998.
ETH
SOL
BSC
ROBINHOOD
USDT
AAPLIf the yen depreciates further, observers expect Japanese authorities may consider stepping in to stabilize its value within the highlighted zones.
Mini dictionary: Yen intervention, a coordinated action by central banks, typically involves official purchase of yen in foreign exchange markets to strengthen its value against other currencies. The most recent joint intervention by the US and Japan took place in July, following years of one-sided actions by Japanese authorities alone.
Fed policy drives ETF outflows
On Friday, the US dollar strengthened broadly as markets reacted to comments by Warsh at Jackson Hole, which fueled expectations for higher US interest rates. Bond investors are now anticipating possible rate hikes from the US Federal Reserve, and this has led to outflows from bitcoin exchange-traded funds throughout May and June as institutional investors repositioned portfolios.
This repricing for higher interest rates pulled institutional money out of bitcoin ETFs across recent months, disrupting inflow patterns seen earlier.
Monday marks the final trading session of August. The total inflows or outflows recorded in bitcoin ETFs by the close of the month will reveal whether the recent eight-day positive streak has persisted or ended amid the changing sentiment on US rates.
