Due to the impact of the Bank of Japan's interest rate hike and the yen carry trade, the crypto market and the global risk asset market plummeted. The price of BTC once fell below $50,000 and ETH fell to $2,100. The giant whale Jump Trading also sold a large number of digital assets during this period. Subsequently, the crypto market began to rebound and the stock market also rebounded. The article finally pointed out that the crypto market still has potential, but the bull market may not return until the first quarter of 2025.

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On August 7, the U.S. Treasury issued $58 billion in 3-year bonds with a winning yield of 3.810%, lower than the trading level before the issuance. At the same time, the deputy governor of the Bank of Japan announced that it would not raise interest rates when the market was unstable, causing the yen to fall under pressure; after Ripple reached a settlement with the SEC, XRP trading volume surged 254% and prices rose 20%.

Among the new coins, only $ZRO performed well.

Performance varies: some follow the trend and sell off their holdings, some take the opportunity to buy BTC at the bottom, and some hold the altcoins without moving.

As the leading application-based public chain of cryptocurrency, it has great potential in technology adoption and innovation. The decline in ETH’s market value has also created better layout opportunities for institutions.

In the past 24 hours, Bitcoin rebounded to $57,000. Bitcoin's trading volume hit a new high after the halving yesterday, with a trading volume of over $1.14 billion.

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Investors should adopt strategies such as diversification, long-term holding and technical analysis to cope with market fluctuations and plan for future market opportunities.

Last week, the weak economic data of the US non-farm payrolls and manufacturing indexes triggered market concerns about economic slowdown, which are still spreading. The market's selling sentiment has also spread from traditional markets to digital currencies.

The combination of negative macroeconomic expectations and multiple incidents has led to a domino-like collapse in multiple markets. Affected by the extreme bottoming market, it is not ruled out that the crypto market will have a short-term recovery and rise in the near future.

In the past 24 hours, BTC entered a phased rebound trend after hitting 49,000 US dollars. It is currently fluctuating around 55,000 US dollars. After the market hit the bottom, individual sectors began to rebound rapidly.

The market fell rapidly, BTC fell below $55,000, ETH was sold off by institutions, and fell by more than 20% in a single day, and the ETH/BTC exchange rate fell to the lowest level in three years. The lower-than-expected employment data exacerbated concerns about economic recession, and the US stock market and most Asian stock markets plummeted, and panic in the global economic market intensified.

Analyzing the multiple risks of USDe, it is facing one of them under extreme market conditions, but the other one is even more dangerous.

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