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Today, the cryptocurrency market experienced a significant downturn, with Bitcoin’s price dropping to $49,000, a 15% decline from its previous high. Ethereum also saw a substantial decrease, falling from $3,400 to $2,100. 
Several factors contributed to this crash:
1. Recession Fears: Weak U.S. job market data heightened concerns about an impending recession, leading investors to move away from riskier assets like cryptocurrencies. 
2. Yen Carry Trade Unwind: The Bank of Japan’s interest rate hike caused the yen to strengthen, prompting traders to unwind yen carry trades.This action led to asset liquidations, including cryptocurrencies, to cover
3. Large-Scale Sell-Offs: Entities like Jump Trading reportedly sold significant amounts of Ethereum, adding to the market’s downward pressure. 
These combined factors led to over $1 billion in liquidations across the crypto market, intensifying the decline. 
Investors are advised to exercise caution during this period of heightened volatility. 0 reply
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