Bitcoin slipped following the Bank of Japan’s unexpected 75 basis point interest rate hike, its biggest move in more than three decades. If past trends repeat, this development could act as a strong bearish trigger for the crypto market.
Historical data highlighted by AMBCrypto shows that BOJ rate increases often result in double-digit declines for Bitcoin. Higher borrowing costs typically force overseas investors to reduce risk exposure, leading to the unwinding of BTC positions and creating short-term fear in the market.
This time appears no different. Ahead of the BOJ announcement, an analyst pointed out a significant Bitcoin sell-off. Large holders led the move, offloading around 24,000 BTC, translating to selling pressure of over $2 billion.
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