$BTC #Thoughts
Why is the market tanking? 📉
Yesterday, the market seemed to be in a bit of an uptrend until the New York session opened and the stock market dragged crypto down with it.
The effects of Japan's interest rate hike and the drop in the USD/JPY exchange rate are starting to show. Against this backdrop, U.S. and Japanese officials even held an emergency online meeting yesterday to coordinate next steps.
This morning, after the Asian session opened, the market's downward momentum intensified, and a full-blown crash has begun.
Almost all major indices are showing declines: Korea, Japan, Shanghai, Hong Kong, and India. The tech sector has been hit the hardest, mirroring the situation in the U.S. yesterday afternoon.
Right now, we’re keeping a close eye on the market conditions.
Why is the market tanking? 📉
Yesterday, the market seemed to be in a bit of an uptrend until the New York session opened and the stock market dragged crypto down with it.
The effects of Japan's interest rate hike and the drop in the USD/JPY exchange rate are starting to show. Against this backdrop, U.S. and Japanese officials even held an emergency online meeting yesterday to coordinate next steps.
This morning, after the Asian session opened, the market's downward momentum intensified, and a full-blown crash has begun.
Almost all major indices are showing declines: Korea, Japan, Shanghai, Hong Kong, and India. The tech sector has been hit the hardest, mirroring the situation in the U.S. yesterday afternoon.
Right now, we’re keeping a close eye on the market conditions.