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Asia Morning Briefing: Bitcoin Sli
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Asia Morning Briefing: Bitcoin Sli
Asia Morning Briefing: Bitcoin Slides on Japan Bond Spike and BOJ Hike Bets
Asia Morning Briefing: Bitcoin Slides on Japan Bond Spike and BOJ Hike Bets
Short-term Japanese yields reached their highest level since 2008, strengthening the yen and pressuring leveraged crypto positions during Hong Kong trading hours.
By Sam Reynolds
Updated Dec 1, 2025, 2:34 a.m. Published Dec 1, 2025, 2:26 a.m.
What to know:
- Bitcoin fell below $87,500 in Asia as Japanese bond yields hit a 17-year high, prompting risk-off selling.
- Japan's 2-year bond yield reached 1.01%, the highest since 2008, amid speculation of a potential rate hike by the Bank of Japan.
- Traders are closely watching the yen's movement and BOJ signals, with potential for further market volatility.
Good Morning, Asia. Here's what's making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk's Crypto Daybook Americas.
Bitcoin slid below $90,000 during Hong Kong's morning hours as Japanese bond yields surged to fresh 17-year highs, triggering a wave of risk-off selling across regional markets.
Japan’s 2-year government bond yield briefly touched 1.01 percent, the highest since 2008, as traders bet the Bank of Japan’s long era of near-zero rates is ending. The selloff followed comments by BOJ Governor Kazuo Ueda, who said the board will evaluate whether a rate hike is appropriate at this month’s meeting.
STORY CONTINUES BELOW
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Traders pushed up the yen in the morning session in Tokyo, which will eventually accelerate an unwind of yen-funded carry trades that have supported risk assets throughout the year.
Crypto markets, which are deeply sensitive to short-term liquidity conditions in Asia, bore the brunt of the move with BTC dropping below $87,500 and Ether following lower.
Prediction markets reflect uncertainty about Japan’s policy outlook, with Polymarket traders now pricing the chances of a December rate increase at roughly 50%, up seven percentage points.
This week's focus for traders will be on how the yen moves and what the BOJ is communicating. Any further tightening signals could trigger another round of volatility across regional markets and crypto.
Market Movement
BTC: Bitcoin’s slide below $87,500 set off a wave of forced selling, with more than $150 million in BTC longs liquidated as rising Japanese yields pushed traders to unwind leveraged positions.
ETH: Ether fell toward $2,850, with about $140 million in long positions liquidated as Japan’s shifting rate outlook tightened liquidity across the early Asia session.
Gold: Goldman Sachs says nearly 70% of institutional investors expect gold to keep rising, with the largest group forecasting prices above $5,000 by 2026.
Nikkei 225: Asia-Pacific markets slipped Monday as traders awaited China’s manufacturing data and priced in an 87% chance of a Fed rate cut, with Japan’s Nikkei 225 down 1.3%.
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Following the MCP and A2A protocols, the AI Agent market has seen another blockbuster arrival: the Agent Payments Protocol (AP2), developed by Google. This will clearly further enhance AI Agents' autonomous multi-tasking capabilities, but the unfortunate reality is that it has little to do with web3AI. Let's take a closer look: What problem does AP2 solve? Simply put, the MCP protocol is like a universal hook, enabling AI agents to connect to various external tools and data sources; A2A is a team collaboration communication protocol that allows multiple AI agents to cooperate with each other to complete complex tasks; AP2 completes the last piece of the puzzle - payment capability. In other words, MCP opens up connectivity, A2A promotes collaboration efficiency, and AP2 achieves value exchange. The arrival of AP2 truly injects "soul" into the autonomous collaboration and task execution of Multi-Agents. 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