Bitcoin Drops 15% Against Japanese Yen, Outpacing Declines Versus USD, as Yen Carry Trades Unwind
Japan raised interest rates by 0.25% last week, leading to a strong Yen and a corresponding drop across risky assets including bitcoin.
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Japan raised interest rates by 0.25% last week, leading to a strong Yen and a corresponding drop across risky assets including bitcoin.
A sentiment index that tracks crypto markets changed to “fear” early Monday, suggesting a possible sign of a near-term local bottom.
Crypto bulls lost nearly $200 million in the past 24 hours as the week’s sell-off worsened over the weekend.
Bitcoin’s Bollinger bandwidth has narrowed to levels that have historically preceded volatility explosions.
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XRP trading activity is heightening in South Korea, where traders tend to push euphoric rallies on tokens.
“It’s going to be extremely volatile this week, so I will not be surprised to see BTC price get another 10% drop/pump,” one analyst noted.
China’s back-to-back interest-rate cuts signal urgency to shore up growth after the recent Communist party plenum offered little support to the nation’s flagging economy.
BTC nosedived from over $65,500 to $64,100 within minutes in the early hours of Thursday as Asian markets suffered.
Market observers expect ether to outperform bitcoin in the coming weeks as the token gives exposure to a flourishing Ethereum ecosystem.