Bitcoin Rebounds On Japan Rate Hike As Arthur Hayes Sees Dollar At...

Bitcoin headed higher despite the Bank of Japan's interest-rate hike while reactions saw bullish risk-asset signals and no further policy tightening.

Bitcoin (BTC) aimed for $88,000 on Friday after Japan’s central bank raised interest rates to 30-year highs.

Bitcoin joins US stocks futures heading higher in a curiously bullish reaction to Japan’s interest-rate hike.

Commentators argue that no further hikes will happen due to economic forces.

Bitcoin continues to hammer out a bottom on longer timeframes.

Data from Cointelegraph Markets and TradingView showed 2.5% BTC price gains versus the daily open.

In line with expectations, the Bank of Japan (BoJ) hiked rates to around 0.75% on the day, marking their highest levels in three decades and ending the country’s latest period of “cheap” money.

Against a backdrop of global central-bank policy easing, Japan’s move stood out. While the hike was notionally a headwind for crypto and risk assets, reactions were optimistic.

“Don’t fight the BOJ: -ve real rates is the explicit policy,” Arthur Hayes, former CEO of crypto exchange BitMEX, told X followers.

Hayes was one of several commentators who saw the hike as ultimately bullish for asset holders.

Source: CoinTelegraph