#加密市场观察 This morning (around 10 to 13 o'clock Beijing time), the global financial markets are waiting for a major announcement from Japan: is it really going to 'raise interest rates'?

The market almost bets that it will raise (probability 94%), just like waiting for a shoe to drop. Now, the real debate is not about 'whether to raise or not', but rather 'after this increase, will there be more aggressive hikes in the future?' This is the core of the disagreement.

Now the most critical question arises: will Japan's interest rate hike collapse the global market (including the cryptocurrency market)?

The answer is: in the short term, it is highly unlikely. Because the market has been discussing and digesting this for nearly half a year, it is not considered a 'sudden shock'. What is truly frightening is the 'unexpected', but this time everyone is prepared.

However, this is indeed a 'bellwether'. It marks that the last major economy to maintain ultra-low interest rates is also starting to 'tighten'. In the long run, the era of 'cheap money' for global capital is slowly receding. For high-risk assets, more caution will be needed in the future.