According to Coindesk, crypto markets fell sharply on Monday, with the CoinDesk 20 (CD20) Index dropping 5.98% in 24 hours. The sell-off followed the opening of CME's bitcoin futures and was exacerbated by low liquidity still recovering from October's $19 billion liquidation cascade. Bank of Japan Governor Kazuo Ueda's hints at a potential rate hike lifted Japanese bond yields to 2008 levels, possibly strengthening the yen and affecting hedge fund strategies. Open interest in ZEC, SUI, UNI, and ENA dropped over 10%, while BTC's open interest fell 2%. Negative funding rates and rising volatility indices like Volmex's BVIV signaled bearish sentiment. Altcoins like ZEC, ENA, and TIA fell 14% to 20%, with over $430 million in altcoin liquidations. The RSI indicator shows oversold conditions, hinting at a potential relief rally.
Crypto Markets Drop 5.98% Amid BOJ Rate Hike Hints and Liquidation Surge
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