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Bank of Japan's rate hike helps Bitcoin rebound to $88,000, Arthur Hayes bullish on Yen and BTC
After the Bank of Japan raised its benchmark interest rate to a nearly 30-year high, Bitcoin prices did not fall but instead rose, reaching as high as $88,000 on Friday, sparking widespread market attention. Data from Cointelegraph Markets and TradingView show that Bitcoin increased approximately 2.5% compared to the opening price on that day and moved in tandem with US stock index futures. This reaction is notably different from previous rate hike cycles, where risk assets typically came under pressure.
The Bank of Japan raised its interest rate to about 0.75%, officially ending its long-standing "super-low interest rate" policy. Against the backdrop of major global central banks generally leaning towards easing, Japan's tightening stance stands out. In theory, rate hikes usually suppress risk assets like cryptocurrencies, but the market has evidently already priced in this expectation, instead choosing to believe that "bad news is fully priced in."
BTC0.63%