Crypto
BOJ Rate Hike Sends Bitcoin Soaring Above $77K
The Bank of Japan's decision to raise its benchmark interest rate by 25 basis points to 1.25% on Friday sent shockwaves through financial markets, causing Bitcoin to surge above $77,400.
The move was seen as a response to inflation risks and the central bank's goal of achieving a 2% price stability target.
Although some analysts had predicted that the yen would strengthen following the rate hike, it instead weakened against the US dollar. This led to a surge in Bitcoin's price as investors took advantage of the favorable exchange rates.