Bank of Japan's Rate Hike Poses Threat to Bitcoin

The Bank of Japan is expected to raise interest rates to 0.75% on Dec 19, the highest level in 30 years. This move could strengthen the yen and impact global liquidity, potentially pressuring crypto markets.

Historically, a stronger yen has coincided with downside pressure on bitcoin, while a weaker yen has supported higher prices. The impending hike may not lead to risk-off, as speculators are already holding net long exposure in the yen.

The US Federal Reserve's recent rate cut and liquidity measures have dropped the dollar index to a seven-week low. Bitcoin is currently trading near $89,000, with market caution persisting.

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