The Bank of Japan Increased Interest Rates

MN Fund co-founder Michaël van de Poppe stated in a statement on Friday that more pain could be experienced in the short term and that the trend would continue downwards until the Bank of Japan's interest rate decision. The central bank of Japan raised the interest rate to 0.75% on Friday morning. While some analysts say this is negative for crypto, Bitcoin BTC $87,165 recorded an increase of 2.3%.

Van de Poppe said: “I wouldn't be surprised if BTC continues to drop in the next 24 hours and enters some sort of capitulation. This indicates a 10-20% drop in altcoins, followed by a rapid recovery.”