Bitcoin (BTC) You can also find out more about the following: Ethereum (ETH) Having already experienced price drops since the start of September, have begun the month in the negative. The reasons for this bearish attitude towards the leading cryptocurrencies, and by extension the entire crypto market, are many. macroeconomic factors.
The Market is Still Experiencing The Impact Of The Carry Trade In Yen
Bitcoin and Ethereum continue to feel the consequences of Bitcoin’s abandonment. Yen carry trade. The Yen has recently surged in value against the US Dollar, which suggests that investors continue to sell riskier assets, such as these cryptocurrencies, in order unwind carry trades, where they used the low yielding Yen.
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Twitter is now In An X post, hedge fund manager James Lavish The carry trade of Yen was also still at play. The Nikkei has fallen 3.7% and the USD/Yen pair is heading down.
Kazuo Ueda, the Bank of Japan’s (BOJ), also made an hawkish statement recently. statement Rates will be raised if prices and economy continue to follow the expected pattern. It has sparked fears among traders, who have closed their carry trade positions. This puts more pressure to sell Bitcoin and Ethereum.
Bitcoin and Ethereum The influx of refugees has caused major damage to the Î August 5 market crashThis was due to the BOJ raising interest rates for the 2nd time in 2007. Bitcoin fell below $50,000 and Ethereum to a low of $2,200. Bitcoin and Ethereum are at risk of further declines as the BOJ has hinted that it will increase rates and carry on with its Yen Carry Trade.
Bitcoin and Ethereum Fall due to US Stock Market Crash
The correlation between Bitcoin and Ethereum is also a concern. US stock market This has contributed to the price drop since September began. On September 3, more than $1.05m was lost from the stock exchange, sparking fear and a sell-off in the cryptocurrency market. Bitcoin and Ethereum.
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Both Spot Bitcoin ETFs as well as Ethereum ETFs experienced outflows during that particular day. Data Farside investors has shown that there is a need for a new investor. Spot Bitcoin ETFs You can also find out more about the following: Spot Ethereum ETFs The total outflows for the two years were 287,8 millions and 47,4 million dollars.
There is a need to provide a boost for the cryptocurrency market, given that Bitcoin and Ethereum are on a downward trend. Members of the crypto community are hopeful that the US Federal Reserve is going to cut interest rates during the next FOMC meeting This event is scheduled to take place between September 17-18 and will help to inject liquidity into Bitcoins and Ethereum.
According to the latest data, Bitcoin and Ethereum were trading for $57,160 each and around $2,400. data CoinMarketCap.
Featured Image created using Dall.E and chart from Tradingview.com
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Source: www.newsbtc.com
