Analysis: Crypto markets plunge on BoJ rate hike expectations and Nasdaq futures decline
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Odaily reports that due to Nasdaq futures showing a continued decline in tech stocks and the strengthening of the Yen triggering concerns about a similar risk-averse sentiment in August as in the past, Bitcoin fell below $89,000 in early European trading on Tuesday. Data shows that Bitcoin hit a low of $88,500, the highest level since mid-November. Nasdaq futures fell 0.3%, indicating that the downward trend of the past three days will continue. The tech-heavy index has fallen more than 4% since February 18. The safe-haven currency Yen traded at 149.38 against the US dollar, poised to challenge the nearly three-month high of 148.84 set on Monday. The Yen has risen nearly 6% in six weeks as the market bets on the Bank of Japan raising interest rates. The BOJ's hawkish rhetoric and the strength of the Yen evoke memories of last July, when the Yen's surge due to rate hikes ultimately triggered widespread risk aversion, causing Bitcoin to plummet from around $65,000 to $50,000 in a matter of days. (Coindesk)
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