Bitcoin has experienced a sharp and sudden decline, plunging below the $86,000 mark and erasing significant market value. This volatility extended to the broader market, with Ethereum dipping below $2,900 and the total crypto market cap falling below $3 trillion. The crash has deepened the market correction. [Update 1] Arthur Hayes has specifically attributed this decline to the Bank of Japan's potential rate hike in December. He argues that the USD/JPY pair hovering in the 155-160 range is forcing the central bank toward a more hawkish stance to defend the currency. Market participants are currently debating the validity of this view, questioning whether the rate hike potential was already priced in or if this narrative is merely a retroactive explanation for the correction. Additionally, a Yearn Finance yETH liquidity pool incident has been cited as a contributing factor to the broader market stress.