Bitcoin and gold (XAU) pared losses during Friday’s Asian hours alongside a recovery in stocks as the Japanese yen gave up early gains.
The largest cryptocurrency by market value recovered to nearly $82,000 after hitting lows below $81,000 overnight, according to CoinDesk data. At the time of writing, bitcoin was testing its 50-day simple moving average, a widely followed gauge of near-term market momentum. Other cryptocurrencies, such as ether , XRP (XRP), solana (SOL), and dogecoin saw similar moves.
Crypto futures positions worth $435 million were liquidated over the past 24 hours, including $385 million in longs, a sign that leverage was skewed toward the bullish side.
Gold, a traditional haven asset, bounced back to $4,020 per ounce from an early low of $3,986, a level last seen on July 29.
Major Asian equity indices, including Japan’s Nikkei and South Korea’s Kospi, also rebounded from session lows. Nasdaq futures rose 0.17% to 29,190, up from 29,022 earlier in the day.
The risk-off tone had strengthened in early Asian trading as the yen climbed to 156.07 per U.S. dollar, its highest level since Sept. 18. Hotter-than-expected Japanese inflation data reinforced expectations of further Bank of Japan rate hikes, boosting the currency alongside a haven bid driven by AI-related jitters.
Yen moves often ripple through global markets because the currency has long been used to fund risk-on carry trades.
Those yen gains proved fleeting, however, with the currency quickly falling back toward 157 per U.S. dollar.
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