Bitcoin (BTC) price rises on Japan rate hike as futures traders pile in
The crypto market’s rich vein of volatility extended into Friday morning, with bitcoin rising from a 1:00 a.m. UTC low of $85,200 to $88,000 over five hours after the Bank of Japan increased interest rates to the highest level in 30 years.
The move marked the fourth time bitcoin has jumped by more than 2% this week, although each rally has been temporary and quickly faded as price action resembles the choppy behavior of previous crypto bear markets.
Nasdaq 100 futures rose by 0.62% during the same five-hour window as the yen fell, suggesting that the rate hike was priced in and investors weren’t rushing to swap risk assets for Japan’s national currency.
A Bank of Japan rate hike is often thought to be bearish for risk assets…
