Analysis: Expectations of Bank of Japan interest rate hike and Nasdaq futures decline lead to cryptocurrency market crash

BlockBeats news, on February 25th, according to CoinDesk, Bitcoin fell below $89000 in early European trading on Tuesday due to concerns about risk aversion similar to August caused by Nasdaq futures showing continued decline in technology stocks and the strengthening of the yen. Data shows that Bitcoin fell to a low of $88500, the highest level since mid November. Nasdaq futures fell 0.3%, indicating that the trend of three consecutive days of decline will continue. Since February 18th, the technology stock index has fallen by over 4%. The safe haven currency, the Japanese yen, is expected to challenge the nearly three-month high of 148.84 set on Monday at an exchange rate of 149.38 against the US dollar. Due to market speculation that the Bank of Japan will raise interest rates, the yen has risen nearly 6% in six weeks. The comments of the Bank of Japan raising interest rates and the strengthening of the yen are reminiscent of the scene in July: at that time, due to the central bank's interest rate hike, the yen soared, ultimately triggering widespread risk aversion and causing Bitcoin to plummet from about $65000 to $50000 within a few days.