In August, Bitcoin (BTC) experienced a significant downturn, with its price dropping below $50,000. This decline was primarily triggered by the Bank of Japan's decision to raise its interest rate from 0% to 0.25%.
The hike affected the US stock market as traders often borrow Japanese Yen at lower rates to invest in US assets.
This market reaction led to further corrections in BTC's price. Currently, Bitcoin is trading around uncertain levels.
