Bitcoin Plummets Below $83K Amidst Yen Carry Trade Unwind Speculation

The crypto market experienced significant turbulence this week as the Bank of Japan’s potential interest rate hike sparked concerns about the unwinding of yen carry trades. This led to a sharp sell-off in Bitcoin, which fell from around $90,000 to a low below $83,000 overnight. Over $550 million worth of Bitcoin positions were liquidated within 24 hours, illustrating the market’s rapid volatility.