TechFlow news, cryptocurrency research firm 10x Research released a new analysis report指出ing that the current Bitcoin sell-off is more complex than simply attributing it to the unwinding of Japanese carry trades.
Bitcoin has been in a fragile state since mid-March. Despite a 15% rise in the Nasdaq index and a 10% depreciation in the yen, Bitcoin has continued to trade sideways. Carry trades rely on sustained high interest rates in the U.S., but this situation is unlikely to persist over the long term.
In the past 24 hours, cryptocurrency market trading volume reached $244 billion, the highest since March 6, when Bitcoin experienced massive intraday liquidations following its all-time high.
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