{"id":640065,"date":"2024-09-05T16:30:48","date_gmt":"2024-09-05T16:30:48","guid":{"rendered":"https:\/\/wncen.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:\/\/wncen.com\/news\/bitcoin\/bitcoin-ethereum-price-crash\/","title":{"rendered":"What Was Behind The Bitcoin And Ethereum Price Crash?"},"content":{"rendered":"

Bitcoin (BTC)<\/span><\/a> and <\/span>Ethereum (ETH)<\/span><\/a> 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>macroeconomic factors<\/span><\/a>.<\/span><\/p>\n

Market Still Feeling The Effects Of The Yen Carry Trade<\/h2>\n

Recent developments suggest Bitcoin and Ethereum are still feeling the effects of the abandonment of the <\/span>Yen carry trade<\/span><\/a>. 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

Related Reading: Bitcoin Short-Term Holder Behavior Reminiscent Of 2019 As BTC Remains Below $60,000<\/a><\/div>\n

In an X (formerly Twitter) <\/span>post<\/span><\/a>, hedge fund manager <\/span>James Lavish<\/span><\/a> 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

The Bank of Japan (BOJ) Kazuo Ueda also recently made a hawkish <\/span>statement<\/span><\/a> 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

Bitcoin and Ethereum<\/span><\/a> suffered major losses during the <\/span>August 5 market crash<\/span><\/a>, 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

US Stock Market Crash Contributes To Bitcoin And Ethereum\u2019s Fall<\/h2>\n

Furthermore, Bitcoin and Ethereum\u2019s correlation with the <\/span>US stock market<\/span><\/a> 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>Bitcoin and Ethereum<\/span><\/a>.\u00a0<\/span><\/p>\n

Related Reading: XRP Price To $8: Analyst Says Repeat Of 2017 Could Drive Rally<\/a><\/div>\n

This was evident in the outflows that both Spot Bitcoin and Ethereum ETFs witnessed on that day. <\/span>Data<\/span><\/a> from Farside investors showed that the <\/span>Spot Bitcoin ETFs<\/span><\/a> and <\/span>Spot Ethereum ETFs <\/span><\/a>witnessed total net outflows of $287.8 million and $47.4 million, respectively.\u00a0<\/span><\/p>\n

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>FOMC meeting<\/span><\/a> 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

At the time of writing, Bitcoin and Ethereum are trading at around $57,160 and $2,400, according to <\/span>data<\/span><\/a> from CoinMarketCap.\u00a0<\/span><\/p>\n

\"Ethereum
ETH price fails to reclaim $2,500 | Source: ETHUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image created with Dall.E, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

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":"\nWhat 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 already 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Having witnessed the evolving landscape of the crypto world firsthand, Scott is able to dissect complex crypto topics and present them in an accessible and engaging manner. Scott's dedication to clarity and accuracy has made him an indispensable asset, helping to demystify the complex world of cryptocurrency for countless readers. Scott\u2019s experience spans a number of industries outside of crypto including banking and investment. He has brought his vast experience from these industries into crypto, which allows him to understand even the most complex topics and break them down in a way that is easy for readers from all works of life to understand. Scott\u2019s pieces have helped to break down cryptocurrency processes and how they work, as well as the underlying groundbreaking technology that makes them so important to everyday life. With years of experience in the crypto market, Scott began to focus on his true passion: writing. 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. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/wncen.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"What Was Behind The Bitcoin And Ethereum Price Crash?","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-ethereum-price-crash\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-ethereum-price-crash\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-30-17.47.26-A-digital-illustration-comparing-Ethereum-and-Bitcoin.-The-image-shows-two-coins-one-with-the-Ethereum-logo-and-the-other-with-the-Bitcoin-logo-set-.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-30-17.47.26-A-digital-illustration-comparing-Ethereum-and-Bitcoin.-The-image-shows-two-coins-one-with-the-Ethereum-logo-and-the-other-with-the-Bitcoin-logo-set-.jpg?fit=1024%2C1024"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin news","bitcoin price","btc","btc news","btc price","btcusd","btcusdt","eth","eth news","eth price","ethereum","ethereum news","ethereum price","ethusd","ethusdt"],"dateCreated":"2024-09-05T16:30:48Z","datePublished":"2024-09-05T16:30:48Z","dateModified":"2024-09-05T16:30:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"What Was Behind The Bitcoin And Ethereum Price Crash?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-ethereum-price-crash\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-ethereum-price-crash\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-30-17.47.26-A-digital-illustration-comparing-Ethereum-and-Bitcoin.-The-image-shows-two-coins-one-with-the-Ethereum-logo-and-the-other-with-the-Bitcoin-logo-set-.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/DALL\\u00b7E-2024-07-30-17.47.26-A-digital-illustration-comparing-Ethereum-and-Bitcoin.-The-image-shows-two-coins-one-with-the-Ethereum-logo-and-the-other-with-the-Bitcoin-logo-set-.jpg?fit=1024%2C1024\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin news\",\"bitcoin price\",\"btc\",\"btc news\",\"btc price\",\"btcusd\",\"btcusdt\",\"eth\",\"eth news\",\"eth price\",\"ethereum\",\"ethereum news\",\"ethereum price\",\"ethusd\",\"ethusdt\"],\"dateCreated\":\"2024-09-05T16:30:48Z\",\"datePublished\":\"2024-09-05T16:30:48Z\",\"dateModified\":\"2024-09-05T16:30:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/DALL\u00b7E-2024-07-30-17.47.26-A-digital-illustration-comparing-Ethereum-and-Bitcoin.-The-image-shows-two-coins-one-with-the-Ethereum-logo-and-the-other-with-the-Bitcoin-logo-set-.jpg?fit=1024%2C1024","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640065"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=640065"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/640065\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/632364"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=640065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=640065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=640065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}