Japan’s Bond Yield Spike Hits Crypto Hard, Triggers $646M in Liquidations

• Japanese 2-year bond yields hit 1.01%, strengthening the Yen and forcing a global risk sell-off.
• The move unwound the “Yen Carry Trade,” flushing $646M in leveraged crypto bets overnight.
• Bitcoin plunged to $86,000, while XRP bucked the trend with a 7% rally on independent catalysts.

Japan’s sudden jump in bond yields not only shook Asian stocks, it directly hit the crypto market. The crypto market is now going through a sharp downturn today, with selling pressure hitting almost every major coin. 

Bitcoin and Altcoins Crash vs. XRP’s Market Divergence

The global crypto market cap has dropped to $2.92 trillion, down over 5% in 24 hours. Bitcoin is trading near $85,992, down 5.3%, but still performing better than most altcoins. Ethereum is at $2,829, also down 5.4%. 

So while BTC & ETH bore the brunt of the macro shock, XRP emerged as a statistical anomaly.…

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