Crypto Market Under Pressure as BoJ Outlook Turns Hawkish and Geopolitical Tensions Rise

The crypto market is experiencing pressure due to a hawkish outlook from the Bank of Japan (BoJ), rising geopolitical tensions, and weak Bitcoin ETF demand. As a result, Bitcoin has fallen back toward $62,000.

UNI is among the biggest altcoin losers, plunging 9% in value. This decline is particularly notable given Standard Chartered analyst Geoff Kendrick's previous prediction of a $100 price target for UNI by 2030.

The BoJ's potentially faster rate-hike cycle and geopolitical tensions around the Strait of Hormuz are creating pressure on risk assets. However, US rate-hike expectations remain low, which could provide some support to the market.