Crypto Market Plunges 2.4% as Yen Carry Trade Fears Grow
The cryptocurrency market experienced another day of decline on Friday, with Bitcoin (BTC), Ethereum (ETH), and XRP leading the pack. The total market capitalization fell by 2.4% over the past 24 hours to around $2.16 trillion.
Liquidity topped $335 million as investors rushed to unwind positions linked to the yen carry trade. The strengthening yen has renewed concerns about the unwinding of this strategy, where investors borrow cheaply in Japan to invest in higher-return assets elsewhere.
Bitcoin slipped below $63,000, trading near $62,600 after falling more than 3% in the past 24 hours. Ethereum dropped to around $1,856, while XRP traded near $1.06. Other large-cap cryptocurrencies like Solana (SOL), Dogecoin (DOGE), and Hyperliquid (HYPE) also moved lower.