Cryptocurrency Market Drops Amid Yen Intervention Fears and Apple's Supply Warning

The cryptocurrency market took a hit on July 31 after a Reuters report indicated that the U.S. Treasury had told banks to prepare for possible intervention in the yen market.

Bitcoin fell by 3.5% over 24 hours, with most major cryptocurrencies experiencing similar losses. The decline was triggered by concerns over yen-funded carry trades and Apple's warning of supply constraints and memory shortages.

The S&P 500 initially declined by 1.2%, wiping out nearly $1 trillion in value within 40 minutes after the Reuters report.