BoJ Raises Interest Rates to 0.5%, Highest in 17 Years
The Bank of Japan (BoJ) raised interest rates to 0.5%, marking the first increase in 17 years. This 25-basis point hike aligns with market expectations and indicates a shift since the 2008 financial crisis. Following the announcement, Bitcoin and major altcoins gained 3-6%.
Source: Trading Economics
- The US Dollar Index declined, creating favorable conditions for cryptocurrencies.
- The Japanese Yen strengthened against the dollar during early Asian trading hours.
- Japan's Consumer Price Index (CPI) rose to 3.6%, above expectations of 3.4%.
Crypto Market Shows Resilience amid Rate Hike
- Unlike previous market turbulence caused by BoJ rate hikes, current reactions in crypto are more stable.
- Bitcoin is trading at $105,108, up 3.30% with a 57% increase in trading volumes.
- A breakout above $106,000 may lead to new highs exceeding $110,000.
- Ethereum surged 6% to $3,394, while other altcoins like Solana and Cardano gained around 4%.
Bitcoin Set for Golden Time — Altcoin Season Incoming?
- Bitcoin’s performance is inversely correlated with the US Dollar Index, suggesting potential growth.
- The Altseason Index rose above 53, indicating growing investor confidence.
- Interest in digital assets is increasing, potentially boosting altcoins.
- Analysts predict a possible 500% surge in altcoins, targeting a total market cap of $6.48 trillion.
Analysts anticipate an upcoming altcoin season, leading to significant growth patterns in the market.
Source: Blockchain Center
Source: AlternativeBull