Bank of Japan Rate Hike Leads to Bitcoin Volatility, All Eyes on US Fed Meeting

Quick Summary:

Earlier today, the Bank of Japan announced an interest rate hike along with a reduction in bond purchases.

The development was enough to send jitters in the crypto market, with the Bitcoin price dropping to the crucial support of $65,500 and bouncing back above $66,000 as of press time.

Japanese equities warrant a cautious stance, and banks will likely be disappointed by the shallower BOJ cut to bond purchases.

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Article Details

Author / Journalist: Bhushan Akolkar

Category: Crypto

Markets: IndiaJapan

Topics: US Fed meeting Bitcoin (BTC) Price 24/7 Cryptocurrency News Volatility Bank of Japan BOJ

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-31 @ 07:26:33 (13 hours ago)

News Timezone: GMT +8:00

News Source URL: coingape.com

Language: English

Article Length: 392 words

Reading Time: 3 minutes read

Sentences: 35 lines

Sentence Length: 12 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGape

News ID: 21869101

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