The yen picked up a strong bid in late July as the Bank of Japan hiked interest rates for the first time in decades, triggering an unwinding of the risk-on yen carry trades.

  • Asian markets and U.S. stock futures experienced a downturn, with Bitcoin dropping over 2% to $56,300, reflecting a risk-off sentiment in financial markets following the presidential debate where Kamala Harris was perceived to outperform Donald Trump.
  • Dogecoin led declines among major cryptocurrencies, while Trump-themed political finance tokens saw significant losses, contrasting with a gain in Harris-themed tokens, indicating market sentiment aligning with the debate's perceived outcome.

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