🔴Hayden Hughes, head of cryptocurrency investments at Evergreen Growth, stated that digital assets have become victims of the unwinding of carry trades using the Japanese yen.
🔴According to Hughes, Bitcoin’s price has been impacted by a combination of factors, including political instability in the U.S. and an oversupply of cryptocurrency returned to creditors of the bankrupt MtGox exchange.
🔴It’s important to note that carry trading is a strategy used to profit from differences in interest rates in the foreign exchange market. The analyst emphasized that Bitcoin’s growth since the beginning of 2024 has slowed to around 23%, compared to gold’s 19% growth and the global stock index’s 8% increase.
🔴Bitcoin’s price has fallen below $50,000 for the first time since February of this year, and the total cryptocurrency market capitalization has dropped to $1.76 trillion.