
BoJ Hikes Rate Spike to 17-Year High, What It Means for Crypto Market?
For the first time in 17 years, the Bank of Japan (BoJ) raised interest rates to 0.5%, a significant leap from its previous levels.
For the first time in 17 years, the Bank of Japan (BoJ) raised interest rates to 0.5%, a significant leap from its previous levels.
According to some analysts and market observers, the Japanese market swung into a state of panic after the Bank of Japan announced its decision to raise interest rates.
With central banks starting to ease monetary policy, Hayes thinks the conditions are ripe for a new crypto boom.
Hayes noted that the dollar-yen exchange rate is a core part of the power struggle, which he believes is the most important global economic variable.
Bitcoin and crypto rally to new highs as Bank of Japan spurs uncertainty with the possibility of interest rate hikes this month.
Bitcoin forms a “Golden Cross” pattern on the technical charts suggesting a bullish price actions going ahead.
Analysts believe that Bank of Japan would soon face pressure to raise interest rates and reverse from its loose monetary conditions.
The Bank of Japan (BoJ) has noted that it will work closely with the private business community in the CBDC pilot program.