Bitcoin (BTC) dropped below $89,000 due to continued losses in technology stocks and the strengthening of the Japanese yen. The decline in BTC's price is also attributed to the failure of state-level proposals for Bitcoin reserves in the U.S. However, some observers believe that BTC's price drop may not last long due to recent bottoming out of the global money supply. Currently, the focus is on traditional markets, with Nasdaq futures dipping and the Japanese yen strengthening, leading to risk aversion. The talk of a rate hike by the Bank of Japan has revived memories of July, when the yen surged and bitcoin experienced a significant crash.



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