Gold (CM:XAUUSD) and silver enjoyed their strongest trading week of 2026, adding an estimated $2.7 trillion in total market value while Bitcoin largely sat on the sidelines. Spot gold rose 7% toward $4,323 an ounce, and silver gained roughly double that percentage to trade near $64. Meanwhile, Bitcoin (BTC-USD) managed a modest 1.5% daily gain to stay near $65,200 with a $1.31 trillion market value.
So, did the strengthening Japanese yen keep Bitcoin from joining the rally? The market prices showed that the yen trade had less effect than people thought. Normally, a stronger yen forces crypto traders to sell off their assets. This time, Bitcoin held steady around $65,200 because dropping oil prices and changing interest rate expectations helped precious metals instead.
Japan and the U.S. Buy Yen to Boost Its Value
Japan and the U.S. worked together on July 31 to buy yen. This was their first joint trade like this since 1998. Reports suggest they spent up to $85 billion over two days, lifting the yen over 5% against the dollar. Washington paid for its share by selling euros rather than dollars. They let European officials know only after the trade was done.
“We will not hesitate to participate in further joint intervention,” stated Treasury Secretary Scott Bessent regarding future currency actions.
In the past, a sudden jump in the yen caused crypto sell-offs because traders had to pay back cheap loans. This time, data from Apollo Global Management ($APO) shows that the old link between the yen and interest rates has broken down. This has left Bitcoin mostly untouched by the currency move.
Lower Oil Prices Impact Interest Rate Expectations
A decline in crude oil prices gave gold and silver a clear boost that crypto failed to capture. Brent crude dropped more than 10% during the week following a two-week ceasefire agreement between the U.S. and Iran, which eased global inflation concerns.
As energy costs fell, traders reduced the odds of a September Federal Reserve rate hike to 55%, down from 63% a week earlier. Lower rate expectations make gold and silver far more attractive to investors because they pay no interest. Looking ahead, traders are tracking today’s (August 7) U.S. jobs report and the Bank of Japan’s September meeting to spot the next major trend.
