{"id":73756,"date":"2024-03-18T02:44:14","date_gmt":"2024-03-18T06:44:14","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=73756"},"modified":"2024-03-18T02:45:06","modified_gmt":"2024-03-18T06:45:06","slug":"bank-of-japan-considers-first-rate-hike-in-17-years","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/bank-of-japan-considers-first-rate-hike-in-17-years\/","title":{"rendered":"Bank of Japan Considers First Rate Hike in 17 Years"},"content":{"rendered":"\n

Ahead of this week's central bank policy <\/a>meetings, the price of Bitcoin (BTC) encounters some volatility. An increase in buy-the-dip sentiment.<\/p>\n\n\n\n

\"Bank<\/figure>\n\n\n\n

This week would be monumental for cryptocurrencies and the global market, as leading central banks from Australia, Japan, the United States, and other nations would announce their pivotal interest rate hike decisions.<\/p>\n\n\n\n

Monday, March 18 will mark the beginning of a two-day policy meeting presided over by the Bank of Japan (BoJ). <\/p>\n\n\n\n

Reportedly, the BoJ will also terminate its negative interest rate, marking the first rate hike by the central bank in 17 years.<\/p>\n\n\n\n

An Impending Bank of Japan Rate Hike<\/h2>\n\n\n\n

As Japan's largest union group announces the most robust wage deals in over three decades, there is mounting speculation that the Bank of Japan (BOJ) may increase its key interest rate on Tuesday.<\/p>\n\n\n\n

Amid Asian trading hours, the yen experienced a marginal depreciation against the dollar due to this expectation.<\/p>\n\n\n\n

A rally in Japan, fueled in large part by a depreciation of the yen, contributed to gains for the MSCI Asia Pacific Index in Asian trading.<\/p>\n\n\n\n

However, the tech-heavy Nikkei 225 index has witnessed its most substantial increase in a month.<\/p>\n\n\n\n

On the contrary, US equity futures increased after the S&P 500 decreased 0.7% on Friday.<\/p>\n\n\n\n

Meanwhile, swaps traders have factored in approximately 28 basis points worth of rate increases for this year, with the probability of a hike in March estimated to be around 54%, according to data compiled by Bloomberg.<\/p>\n\n\n\n

In light of the wage increases, Goldman Sachs predicts that the BOJ will increase interest rates, with short-term rates likely to range between 0% and 0.1%.<\/p>\n\n\n\n

Economist Tomohiro Ota of Goldman Sachs Group Inc. penned the following in a note to investors\r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>:<\/p>\n\n\n\n

\n

\u201cThese developments imply that the BOJ probably no longer needs more data for the policy change, nor to wait to justify the policy change with the quarterly Economic Outlook report in April\u201d.<\/p>\n<\/blockquote>\n\n\n\n

What Does the Future Hold for Bitcoin and Cryptocurrencies?<\/h2>\n\n\n\n

Another week of significant volatility is possible for Bitcoin and the cryptocurrency market as a whole.<\/p>\n\n\n\n

Last weekend, Bitcoin price plummeted below $65,000; however, it rapidly rebounded and is currently trading at $68,620.21 with a market cap of $1,348 trillion, an increase of 3.27%.<\/p>\n\n\n\n

The heavy selling of Bitcoin put by investors, who appear anxious to seize buy-the-dip opportunities, signifies a dissipation of fear, according to analysts at QCP Capital.<\/p>\n\n\n\n

In addition, long-dated Bitcoin calls for September and December with targets ranging from 100,000 to 150,000 USD are generating considerable interest, indicating a mounting sense of optimism or “greed” in the market.<\/p>\n\n\n\n

However, concerns persist\u00a0regarding Ethereum (ETH)<\/a>, as perpetual funding becomes negative and risk reversals continue to exhibit a negative bias.<\/p>\n\n\n\n

Although alternative cryptocurrencies (altcoins) continue to experience an upward trend, concerns remain regarding the possibility of a decline in ETH prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Ahead of this week’s central bank policy meetings, the price of Bitcoin (BTC) encounters some volatility. An increase in buy-the-dip sentiment. This week would be monumental for cryptocurrencies and the global market, as leading central banks from Australia, Japan, the United States, and other nations would announce their pivotal interest rate hike decisions. Monday, March […]<\/p>\n","protected":false},"author":56,"featured_media":73759,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[12824,16246,7430,18331],"class_list":["post-73756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-of-japan","tag-bitcoin-price-analysis-2","tag-bitcoin-price-prediction-2","tag-bitcoin-price-rally"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/03\/bitcoin-japan-1.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/56"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=73756"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/73756\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/73759"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=73756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=73756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=73756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}