Matrixport: Markets tend to attribute bitcoin's plunge to yen carry trade position squaring

Matrixport released today's chart saying that the market tends to attribute bitcoin's plunge to yen carry trade position squaring. Numerous financial marekt participants who borrowed yen to invest in high-yielding assets are now reversing the direction of their positions, and bitcoin has become a victim asset in the process. The unexpected interest rate hike by the Bank of Japan, coupled with market expectations of a rate cut by the Federal Reserve, has increased the uncertainty of central bank policy, leading to the deleveraging of the financial system. According to some traders, this is the main reason for the decline in bitcoin price.