On Monday, cryptocurrencies were affected by global market risk aversion, with Bitcoin falling more than 10% at one point, and Ethereum experiencing its largest decline since 2021. Hayden Hughes, the cryptocurrency investment director at the family wealth management firm Evergreen Growth, stated that as speculators adjust to higher rates in Japan, digital assets have become part of the victims of the yen arbitrage trade unwinding, "These investors are also dealing with a significant increase in hedging costs due to fluctuations in the USD/JPY exchange rate." Justin D'Anethan, the Asia-Pacific business development director at market maker Keyrock, stated that the cryptocurrency market decline is to some extent led by Ethereum, as it was affected by news of suspected Jump Crypto selling Ethereum-related assets. (Bloomberg)

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On Monday, cryptocurrencies were affected by global market risk aversion, with Bitcoin falling by more than 10% at one point, and Ethereum experiencing its largest decline since 2021. Hayden Hughes, the cryptocurrency investment director at the family wealth management firm Evergreen Growth, stated that as speculators adjust to higher rates in Japan, digital assets have become part of the victims of the yen arbitrage trade unwinding. "These investors are also dealing with a significant increase in hedging costs due to fluctuations in the USD/JPY exchange rate." Justin D'Anethan, the Asia-Pacific business development director at market maker Keyrock, stated that the cryptocurrency market decline is to some extent led by Ethereum, influenced by news of suspected sales of Ethereum-related assets by Jump Crypto. (Bloomberg)

Analysis: ETH experiences its largest drop since 2021, leading the crypto market downturn.