Odaily Planet Daily News: The yen has risen 2.4% against the dollar since last Thursday to 145 yen to the dollar, showing a preference for safe-haven currencies. Similar yen strength triggered the unwinding of carry trades in early August, causing sharp fluctuations in risk assets including Bitcoin. The price of Bitcoin fell from about $70,000 to $50,000 in the eight days before August 5, and then rebounded to $60,000 as the dollar rebounded against the yen. Both well-known trader Simon Ree and Goldman Sachs' head of crypto trading Andrei Kazantsev pointed out that the strength of the yen could lead to a negative feedback loop for global risk assets. According to ING's analysis, the rebound in the yen could change market behavior and increase the willingness to buy when the yen weakens, thereby increasing the risk of a stronger yen. In the coming weeks, as the Federal Reserve's mid-September interest rate decision meeting approaches, the unwinding of carry trades may continue. Arnim Holzer, global macro strategist at Easterly EAB Risk Solutions, said that if the Fed cuts interest rates by 50 basis points, the market may rise first and then fall, as concerns about the economy and the strength of the yen will re-trigger the unwinding of carry trades. (Coindesk)