As of January 23, 2026, the decline in virtual currency prices is the result of multiple factors resonating, including macro environment, market structure, sentiment, and capital flows. The core reasons are as follows:
1. Macro Liquidity and Policy Impact
• Bank of Japan Rate Hike Expectations: On January 23, the Bank of Japan may raise interest rates to 0.5% (a new high since 2018), triggering unwinding of yen arbitrage trades, draining global liquidity, and suppressing risk assets like BTC.
• US Trade and Policy Risks: The Trump administration plans to impose tariffs on the EU, leading to a
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