Bitcoin surges to $91,000, showing signs of life on suspected Bank of Japan intervention

Having earlier breached $100 per ounce for the first time ever, silver has risen to $101, while gold sits just shy of $5,000 per ounce.

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Bitcoin reversed an early decline Friday, rising back to $91,000.

Suspected Japanese intervention sent the yen surging against the U.S. dollar, a move some saw as a necessary step toward resuming a bull market in crypto.

U.S. stocks were higher, and precious metals continued to set new record highs.

Bitcoin

BTC

$89,676.87

reclaimed the $91,000 level in early U.S. afternoon hours on Friday, continuing volatile action and threatening to sustainably break out of its tight week-long range of roughly $88,000-$90,000.

Possibly behind the quick 2% move off of the morning’s lows was suspected intervention in the foreign exchange market by Japanese authorities. The Bank of Japan overnight left monetary policy unchanged, but was somewhat hawkish in its policy statement. That had the yen modestly stronger versus the U.S. dollar — a move that quickly compounded just after the noon hour on the U.S. east coast, with some traders saying the action had the hallmarks of FX intervention.

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