After the rise last week, Bitcoin (BTC) $65,693 and the altcoin market in general faced selling pressure in the morning today. While the price of BTC was traded at $64,536, down 1.97 percent, Japan’s Nikkei 225 index fell almost 5 percent today. Additionally, Shigeru Ishiba’s victory last week brought interest rate hike concerns back to the fore. Ethereum (ETH) 
$2,652 and leading altcoins such as BNB (BNB) as well as leading memecoin Dogecoin 
$0.127151 (DOGE) and Shiba Inu (SHIB).
Cryptocurrencies are in decline due to the impact of Asian markets
Bitcoin gained 9 percent in September, posting an impressive performance throughout the month. The bull market tried to keep Bitcoin’s price above the $66,000 level, but developments in the Japanese market created selling pressure on the asset. Other geopolitical tensions, such as Israel’s killing of Hezbollah leader Hassan Nasrallah, have also increased uncertainty.
Crypto analysis company Santiment said in its market comment, “The market is moving contrary to expectations.”
Big Drop in Nikkei 225 Index
At the time of writing, the Nikkei 225 Index dropped 4.64 percent against the strong Japanese yen, falling below the 38 thousand level. Shigeru Ishiba’s victory raised fears that the Bank of Japan would make further interest rate increases in its monetary policy. Following the announcement last week, the Japanese yen appreciated rapidly against the US dollar.
“Our basic assumption is that Ishiba will reflect the situation in a way that the Bank of Japan will support normalization and therefore provide support to the Japanese yen,” Mitsubishi UFJ Financial Group analyst Michael Wan told Bloomberg.
However, Ishiba’s current stance is unclear and it is worth noting that in his comments over the weekend he stated that monetary policy should remain accommodative given current economic conditions.
Among these macroeconomic uncertainties, there are strong expectations that Bitcoin can repeat its history and is targeting $ 100 thousand by the end of the year. Investors expect BTC to make a strong rally in the fourth quarter.
Altcoins Are Also Falling
On the other hand, Ethereum, BNB, Dogecoin and other altcoins entered a correction by losing over 2 percent in value. On the other hand, XRP increased by 5.3 percent to $ 0.645 despite the general market correction. Memecoins were the assets that suffered the most, especially with the correction experienced today. Dogecoin and Shiba Inu fell by 5 – 8 percent.
Market Awaits US Unemployment Data
Currently, markets are preparing for continued volatility as they await the release of US unemployment data ahead of the expected Uptober rally. Experienced cryptocurrency analyst Ali Martinez suggested that Bitcoin will experience fluctuations during this period and may move towards 78 thousand dollars. Indeed, inflows into spot Bitcoin ETFs last week confirmed bullish expectations, showing that institutional investors were back in the game by buying the recent dips.
Currently, Bitcoin and altcoins are losing value due to the impact of the Japanese market and geopolitical developments. Altcoins are falling amid market-wide selling pressure. Market participants remain cautious considering the release of US unemployment data and possible economic policies.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
