Bank of Japan

Bitcoin and several major altcoins are attempting to start a recovery, but negative investor sentiment and selling at range highs are preventing a stronger bull trend from forming.

Bitcoin headed higher despite the Bank of Japan's interest-rate hike while reactions saw bullish risk-asset signals and no further policy tightening.

The total crypto market cap fell to $2.93 trillion, its lowest since April, erasing yearly gains as analysts anticipated further declines.

Bitcoin rallies continue to be capped by selling near the intra-day range highs, and the expectation of a Bank of Japan interest rate hike could amplify the downturn in BTC and altcoins.

The Bitcoin parabola broke, leading some analysts to predict an 80% drawdown in BTC price. Will growing demand from traditional finance and strategic crypto reserves nullify all bearish predictions?

The Bank of Japan is expected to increase its benchmark interest rates on Friday, a historically bearish signal for riskier assets like Bitcoin.

Japan’s stimulus package has shaken global markets, including Bitcoin, while the UK cracks down on Russian money laundering and sanctions evasion with crypto.

Japan’s FSA plans to reclassify crypto as financial products, enforce new disclosure and insider trading rules, and cut the crypto tax rate from 55% to a flat 20%.

Japan’s first yen stablecoin issuer, JPYC, said growing demand could make stablecoin reserves a new force in the country’s bond market.