Crypto
BOJ Rate Hike Sends Bitcoin Soaring Above $77,400
The Bank of Japan's (BOJ) decision to raise its benchmark interest rate by 25 basis points to 1.25% has had a positive impact on Bitcoin, pushing its price above $77,400.
This move, which was approved by a 7-2 vote, is the highest interest rate in about 31 years and aims to combat inflation concerns and progress toward the BOJ's 2% inflation target.
The yen weakened following the rate hike, contributing to Bitcoin's price increase. Additionally, U.S. spot Bitcoin ETFs saw net inflows of $159.5 million, signaling renewed institutional interest in the cryptocurrency.