Bitcoin holds above $78,000, the Japanese yen falls below the 160 threshold, and a strengthening US dollar continues to weigh on the crypto market.

Bitcoin is currently trading near the $78,000 level, down 0.04% over the past 24 hours, and still up around 1% over the past week. A stronger U.S. dollar and shifting interest rate expectations have weighed on the broader crypto market, with Solana and Dogecoin leading losses of around 2%, followed by Hyperliquid and XRP; Ethereum, BNB, Zcash, and TRON remained largely flat. Meanwhile, the Japanese yen fell below the 160 level against the U.S. dollar, trading near that threshold in Tokyo markets. Market strategists believe that a further depreciation of the yen to around 161 could trigger intervention, while the 162-163 range would face stronger intervention pressure. Following Federal Reserve Chair Waller’s speech at Jackson Hole, market expectations for higher U.S. interest rates rose, bond investors began pricing in the possibility of a Fed rate hike, and the U.S. dollar strengthened accordingly. This round of interest rate repricing has previously led institutional funds to pull out of Bitcoin ETFs. August 31 marks the final trading day of the month, so the market will closely monitor monthly fund flows into Bitcoin ETFs.