{"id":640065,"date":"2024-09-05T16:30:48","date_gmt":"2024-09-05T16:30:48","guid":{"rendered":"https:\/\/www.shenyangcang.com\/?p=640065"},"modified":"2024-09-05T13:54:02","modified_gmt":"2024-09-05T13:54:02","slug":"bitcoin-ethereum-price-crash","status":"publish","type":"post","link":"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-ethereum-price-crash\/","title":{"rendered":"What Was Behind The Bitcoin And Ethereum Price Crash?"},"content":{"rendered":"<p><a href=\"https:\/\/bitcoinist.com\/bitcoin-stumbles-60000-data-shows-slowing-inflows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Bitcoin (BTC)<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/bitcoinist.com\/spot-ethereum-etfs-mirrors-price-impact-to-bitcoin\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ethereum (ETH)<\/span><\/a><span style=\"font-weight: 400\"> have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several <\/span><a href=\"https:\/\/bitcoinist.com\/coinbase-sees-tough-weeks-for-crypto-macro-factors-to-take-center-stage\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">macroeconomic factors<\/span><\/a><span style=\"font-weight: 400\">.<\/span><\/p>\n<h2>Market Still Feeling The Effects Of The Yen Carry Trade<\/h2>\n<p><span style=\"font-weight: 400\">Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the <\/span><a href=\"https:\/\/bitcoinist.com\/bitcoin-alert-boj-rate-hike-sparks-market-fears\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Yen carry trade<\/span><\/a><span style=\"font-weight: 400\">. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen.<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-2019-below-60000\/\">Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000<\/a><\/div>\n<p><span style=\"font-weight: 400\">In an X (formerly Twitter) <\/span><a href=\"https:\/\/x.com\/jameslavish\/status\/32710976\" rel=\"nofollow\"><span style=\"font-weight: 400\">post<\/span><\/a><span style=\"font-weight: 400\">, hedge fund manager <\/span><a href=\"https:\/\/www.shenyangcang.com\/news\/bitcoin\/bitcoin-price-will-reach-428000\/\"><span style=\"font-weight: 400\">James Lavish<\/span><\/a><span style=\"font-weight: 400\"> also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD\/Yen trading pair was heading lower.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish <\/span><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-09-03\/boj-ueda-reiterates-stance-of-lifting-rates-if-outlook-realized\" rel=\"nofollow\"><span style=\"font-weight: 400\">statement<\/span><\/a><span style=\"font-weight: 400\"> that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum.\u00a0<\/span><\/p>\n<p><a href=\"https:\/\/www.shenyangcang.com\/news\/ethereum\/ethereum-crypto-analyst-1900\/#:~:text=If%20that%20happens%2C%20Ethereum%20could,its%20current%20price%20of%20%241%2C600.\"><span style=\"font-weight: 400\">Bitcoin and Ethereum<\/span><\/a><span style=\"font-weight: 400\"> suffered major losses during the <\/span><a href=\"https:\/\/bitcoinist.com\/crypto-losses-fall-to-15-million-in-august-details\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">August 5 market crash<\/span><\/a><span style=\"font-weight: 400\">, which was caused by the BOJ\u2019s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines.\u00a0<\/span><\/p>\n<h2>US Stock Market Crash Contributes To Bitcoin And Ethereum\u2019s Fall<\/h2>\n<p><span style=\"font-weight: 400\">Furthermore, Bitcoin and Ethereum\u2019s correlation with the <\/span><a href=\"https:\/\/bitcoinist.com\/stock-market-wipeout-puts-to-test-bitcoin-stability\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">US stock market<\/span><\/a><span style=\"font-weight: 400\"> has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for <\/span><a href=\"https:\/\/www.shenyangcang.com\/bitcoin-news\/ethereum-flips-bitcoin-in-this-key-metric\/\"><span style=\"font-weight: 400\">Bitcoin and Ethereum<\/span><\/a><span style=\"font-weight: 400\">.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/www.shenyangcang.com\/analysis\/xrp\/xrp-price-to-8-2017-rally\/\">XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally<\/a><\/div>\n<p><span style=\"font-weight: 400\">This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. <\/span><a href=\"https:\/\/x.com\/FarsideUK\/status\/72120418\" rel=\"nofollow\"><span style=\"font-weight: 400\">Data<\/span><\/a><span style=\"font-weight: 400\"> from Farside investors showed that the <\/span><a href=\"https:\/\/bitcoinist.com\/spot-bitcoin-etfs-surges-with-massive-inflows\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Bitcoin ETFs<\/span><\/a><span style=\"font-weight: 400\"> and <\/span><a href=\"https:\/\/bitcoinist.com\/spot-ethereum-etfs-see-positive-inflow\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">Spot Ethereum ETFs <\/span><\/a><span style=\"font-weight: 400\">witnessed total net outflows of $287.8 million and $47.4 million, respectively.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next <\/span><a href=\"https:\/\/bitcoinist.com\/fomc-meeting-is-most-volatile-for-bitcoin-ever\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">FOMC meeting<\/span><\/a><span style=\"font-weight: 400\"> set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to <\/span><a href=\"https:\/\/coinmarketcap.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">data<\/span><\/a><span style=\"font-weight: 400\"> from CoinMarketCap.\u00a0<\/span><\/p>\n<figure style=\"width: 3286px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium\" src=\"https:\/\/www.tradingview.com\/x\/wiygvmWo\/\" alt=\"Ethereum price chart from Tradingview.com (Bitcoin)\" width=\"3286\" height=\"1450\"><figcaption class=\"wp-caption-text\">ETH price fails to reclaim $2,500 | Source: <a href=\"http:\/\/Tradingview.com\" rel=\"nofollow\">ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n<div class=\"disclaimer-shortcode\">Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having already suffered price declines since the beginning of the month. This bearish sentiment towards the foremost cryptocurrencies and, by extension, the broader crypto market is due to several macroeconomic factors. Market Still Feeling The Effects Of The Yen Carry Trade Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the Yen carry trade. The Yen recently surged against the US dollar, suggesting that investors are still selling riskier assets like these cryptocurrencies to unwind their carry trade positions, which utilized the low-yielding Yen. Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000 In an X (formerly Twitter) post, hedge fund manager James Lavish also suggested that the effects of the Yen carry trade was still in play. He noted that the Nikkei 225 had dropped by 3.7% while the USD\/Yen trading pair was heading lower.\u00a0 The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish statement that they will continue to hike rates if the economy and prices continue to perform as expected. This has also sparked fear among traders and prompted them to close their carry trade positions, thereby putting more selling pressure on Bitcoin and Ethereum.\u00a0 Bitcoin and Ethereum suffered major losses during the August 5 market crash, which was caused by the BOJ\u2019s decision to hike interest rates for the second time since 2007. Bitcoin, on its part, dropped below $50,000, while Ethereum dropped to as low as $2,200. As such, with the effects of the Yen carry trade still in play and the BOJ hinting at more rate hikes, Bitcoin and Ethereum risk suffering further price declines.\u00a0 US Stock Market Crash Contributes To Bitcoin And Ethereum\u2019s Fall Furthermore, Bitcoin and Ethereum\u2019s correlation with the US stock market has also contributed to their price crash since the beginning of September. Specifically, on September 3, over $1.05 million was wiped out from the stock market, which also sparked fear in the crypto market and led to a wave of sell-offs for Bitcoin and Ethereum.\u00a0 Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. Data from Farside investors showed that the Spot Bitcoin ETFs and Spot Ethereum ETFs witnessed total net outflows of $287.8 million and $47.4 million, respectively.\u00a0 With such a bearish outlook for Bitcoin and Ethereum, there is an urgent need for a spark that could provide bullish momentum for the crypto market. Crypto community members are hoping that the US Federal Reserve will cut interest rates at the next FOMC meeting set to be held between September 17 and 18, as that will provide some relief to the market and help inject more liquidity into Bitcoin and Ethereum.\u00a0 At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to data from CoinMarketCap.\u00a0 Featured image created with Dall.E, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":632364,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,13625],"tags":[428,656,679,1119,89185,1122,1144,78790,8323,89213,16163,1946,7931,6931,8686,78803],"class_list":["post-640065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-ethereum","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt","tag-eth","tag-eth-news","tag-eth-price","tag-ethereum","tag-ethereum-news","tag-ethereum-price","tag-ethusd","tag-ethusdt"],"acf":[],"yoast_head":"\n<title>What Was Behind The Bitcoin And Ethereum Price Crash?<\/title>\n<meta name=\"description\" content=\"Bitcoin (BTC) and Ethereum (ETH) have started September in the red, having 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. 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