What Drove a Wild Week in Crypto Markets
Last Sunday night, cryptocurrencies crashed in a precursor to what would happen on Wall Street Monday. Tokens like Bitcoin (CRYPTO: BTC) have recovered most of their losses, but not every cryptocurrency has.
According to data provided by S&P Global Market Intelligence, Ethereum (CRYPTO: ETH) has fallen 16.9% in the past week as of 11:00 a.m. ET on Friday, and that's dragged down iShares Ethereum Trust ETF (NASDAQ: ETHA) by 14.3% and Lido Staked Ether (CRYPTO: STETH) by 12.6%. Outside the Ethereum family, Polygon (CRYPTO: MATIC) has fallen 9.1% and NEAR Protocol (CRYPTO: NEAR) is down 13.8%.
On Sunday night, the 24/7 trading of crypto was the first area to show distress in what's known as the yen carry trade, which involves borrowing yen at low interest rates and converting it to another currency with higher rates.
Source Fool.com
