Bitcoin (BTC) jumps above $87,000, yen slides as Bank of Japan hikes rates by 25 basis points
CoinDesk
Bitcoin rose above $87,000 while the yen fell after the Bank of Japan raised interest rates by 25 basis points.Summary
The Bank of Japan increased its short-term policy rate to 0.75%, the highest in nearly 30 years, marking a continued shift away from its long-standing ultra-loose monetary policy. This decision led to a decline in the Japanese yen, falling to 156.03 per U.S. dollar. Simultaneously, Bitcoin's price surged, briefly reaching $87,500 before settling near $87,000. The market reaction was largely anticipated, as the rate hike had been widely predicted and priced in. Analysts had previously dismissed concerns that the rate hike would significantly strengthen the yen and trigger a risk-off sentiment, citing existing bullish positioning in the yen and rising Japanese government bond yields.
(Source：CoinDesk)