Market Analysis: Another obstacle to Bitcoin’s rise is about to collapse

bitcoin IS rise TO 2024-03-11 55
According to Coindesk, Bitcoin rose on Monday as rumors of the Bank of Japan potentially loosening its policies regarding ultra-low interest rates shook the Asian market. Some Asian stock indices fell, with the Nikkei and ASX indices in Japan and Australia respectively dropping by 2%. Earlier reports suggested that the Bank of Japan may raise its benchmark interest rate this month, which would be the first time since 2007. In addition, the Bank of Japan may abandon its bond-buying program after ending its negative interest rate policy. Analysts have long warned that the Bank of Japan is a major source of uncertainty for both traditional and cryptocurrency markets. The potential lifting of the Bank of Japan's support for a liquidity stance and resulting strengthening of the yen could jeopardize yen carry trades, which could strengthen the risk appetite rebound of financial markets, including tech stocks and cryptocurrencies, that has lasted for a year.