10x Research: The trading volume in the cryptocurrency market reached $244 billion in the past 24 hours, which is the highest point since March 6.

Odaily Odaily News 10x Research said in its latest report that many people attributed the Bitcoin sell-off to the unwinding of the yen carry trade, but the reality is much more complicated. Bitcoin has been fragile since mid-March, and has remained range-bound despite a 15% increase in the Nasdaq and a 10% depreciation of the yen during this period. Carry trades rely on continued high interest rates in the United States, which are unlikely to continue. The rules of the game have changed. In the past 24 hours, crypto market trading volume reached $244 billion, the highest level since March 6. Bitcoin experienced a large amount of intraday liquidations on the day after reaching an all-time high. Although we were very bullish in February and early March, we took a cautious stance after the sharp drop because our backtesting showed that the future market was unpredictable. In hindsight, this was the right decision. As new asset price drivers emerge, financial markets are like puzzles that need to be reassembled periodically. This is one of them. Unlike the sharp declines in April and June, which were eased by increased leverage, there may not be such a reversal this time.