Japan Halts Interest Rate Hikes, Easing Pressure on Crypto Market
full version at dailycoin
Japanese rate hikes fueled the weekend crypto crash. The Bank of Japan announced it would pause rate hikes ‘for the time being.’ Crypto markets show signs of recovery. The cryptocurrency markets experienced a significant meltdown on Sunday, with the sell-off continuing into Monday morning (UTC). Analysts largely attributed the bloodbath to the unwinding of the yen carry trade due to the Bank of Japan's (BoJ) recent interest rate hike. As a result of the BoJ turning hawkish, yen-carry traders find it increasingly unprofitable to borrow yen to buy higher-yielding foreign assets. Cryptocurrencies, being 24/7 liquid markets, have been particularly
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