The market is preparing for a potentially crucial week for Bitcoin as the Bank of Japan (BOJ) heads towards its December 18-19 policy meeting, with a rate hike widely anticipated.
Both market predictors and macroeconomic analysts agree that Japan is poised for a 25 basis point increase. This hike could impact not only the domestic bond market but also risky assets globally, particularly Bitcoin.
If this happens, Japan will have a policy interest rate of 75 basis points, a level not seen in nearly two decades. While this figure may seem small by global standards, the change is significant given Japan's long-standing role as a source of low-cost financing globally.
Past events are causing concern in the Bitcoin market.
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