Odaily News Bitcoin fell below $89,000 in early European trading on Tuesday as Nasdaq futures pointed to a continued decline in tech stocks and a stronger yen raised concerns of an August-like risk aversion. Bitcoin fell to a low of $88,500, the highest level since mid-November, data showed. Nasdaq futures fell 0.3%, suggesting a three-day losing streak will continue. The tech-heavy index has fallen more than 4% since Feb. 18. The safe-haven yen was at 149.38 per dollar, on track to challenge Monday's near three-month high of 148.84.
The yen has risen nearly 6% in six weeks as the market bets that the Bank of Japan will raise interest rates. The Bank of Japan's rate hike remarks and the strengthening of the yen are reminiscent of the situation in July last year: at that time, the yen soared due to the central bank's rate hike, which eventually triggered widespread risk aversion and caused Bitcoin to plummet from about $65,000 to $50,000 in a few days. (Coindesk)