July 2024 (July 31): Interest rates increased to 0.25%. This rate hike was relatively unexpected, leading to a rapid appreciation of the yen. ETH performance: The rate hike immediately triggered a large-scale unwinding of yen carry trade, resulting in a global sell-off of risk assets. ETH plummeted approximately 22-25% during the 'Black Monday' at the beginning of August (from the end of July $3,270-3,370 to the end of August $2,520-2,600, with a low point reaching $2,340). The overall cryptocurrency market corrected more than 20%, with the effects of leveraged liquidations being significant. This was the most severely impacted instance.