Japanese crypto exchange bitFlyer surges 241% to $220 million in 24 hours

According to CoinDesk, the Bitcoin to yen exchange rate fell nearly 15% on Tokyo's bitFlyer exchange, exceeding the drop in US dollar valuation. This decline was caused by the significant appreciation of the yen due to Japan's raising of interest rates by 0.25%. Over the past three weeks, the yen has risen nearly 10% against the US dollar, triggering carry trade closures, resulting in the sale of risk assets, including Bitcoin, and market volatility.bitFlyer's trading volume soared 241% in 24 hours, exceeding $220 million. The Asian market generally fell, with the Nikkei 225 index falling 12.4%, recording its worst performance since 2011. Due to carry trade closures, cryptocurrency futures clearing exceeded $1 billion in the past 24 hours.Despite the market downturn, some analysts remain optimistic, believing that the market may bottom out in the next few days. Lucy Hu, senior analyst at Metalpha, said that although the Federal Reserve has not formally confirmed the rate cut in September, the market has already factored it into expectations, and Bitcoin prices are expected to rebound when the macro environment improves.