Crypto weakens, Japanese Yen depreciation impacts, but gold and silver rise against the trend

On December 1st, the crypto market experienced a significant correction. According to Coinglass data, approximately 180,000 traders were liquidated in the past 24 hours, with total losses reaching $537 million. Among them, Bitcoin price dropped 0.56% to $87.38K, and Ethereum declined even more, down 0.88% to $2.94K.

Market analysis indicates that this round of crypto decline may be closely related to the depreciation of the Japanese Yen and the Federal Reserve’s movements. Recently, there have been rumors circulating that Federal Reserve Chair Jerome Powell will hold an emergency meeting at 7:00 PM Eastern Time on December 1st and announce his resignation, which once triggered market volatility. However, so far, major foreign media outlets have not confirmed this news, and analysts generally believe it is likely false information.

It is worth noting that while cryptocurrencies are under pressure and declining, traditional safe-haven assets are performing strongly. Gold prices rose 0.52% to $4,240 per ounce; silver saw an even more notable increase, rising 1.97% to $57.52 per ounce, reaching a new all-time high. This phenomenon reflects a decline in investors’ risk appetite and signs of capital flowing from high-risk assets to safe-haven assets.