[Market] Bitcoin falls below $86,000... unabated decline

Suehyeon Lee

Summary

Bitcoin's price fell 5.56%, breaking below the $86,000 level.
It reported that Ethereum, XRP, Solana and other major altcoins also showed weakness.
It said the decline was due to increased concerns about global liquidity withdrawal following the Bank of Japan's hint at a rate hike.

Bitcoin (BTC) has continued its unabated decline, even breaking below the $86,000 level.

On the 1st (Korea time), according to CoinMarketCap, Bitcoin is trading at $85,854.02, down 5.56% from the previous day. On Upbit's KRW market, it is trading at ₩128,800,000, down 5.11% from the previous day.

Major altcoins, including Ethereum (ETH), are also in decline. Ethereum is trading at $2,816.23, down 6.09% from the previous day according to CoinMarketCap; XRP (XRP) is trading at $2.03, down 7.51% from the previous day. Solana (SOL) is also down 7.07% from the previous day, at $126.75.

This decline is analyzed to be due to growing concerns over global liquidity withdrawal as the Bank of Japan's hint at a rate hike highlighted the possibility of a reduction in yen-based carry trades.

Earlier, Governor Ueda said in a speech held on the 1st in Nagoya, Aichi Prefecture, "(This month) we intend to appropriately judge whether to raise the policy rate," showing a stance that leaves open the possibility of a change in the monetary policy stance.